TT BLOG
Alan Wills – @alanjwills
Alan talks about what happens now the Share Issue has closed.
CROWDFUNDING FOR A FAN OWNED FUTURE
Well, the Community Share Issue (CSI) has indeed proved to be a masterstroke from the new partnership between the Bryn Consortium and the Torquay United Supporters Trust (TUST). The signs were good when the initial minimum target of £100,000 was surpassed within 5 days of launch.
The massive amount raised in just 35 days via the Crowdfunder (£205,501) and offline donations (£16,500) will provide much needed funds to improve the experience for fans of Torquay United Association Football Club (TUFC) both in the short and medium term.
This means that along with the £50,000 from the TUST Forever Yellow Fund, the total raised by TUST members is £272,001. TUST have stated that this amount is enough to purchase 28.6% of our football club, making TUST by far the largest shareholder in TUFC.
It was previously reported that 6.6% is owned by legacy shareholders. The remaining 64.8% would, I believe, be split equally between the six members of the Bryn Consortium, so that each Bryn member will own 10.8% of the club.
Solid foundations have now been laid to transform TUFC into a sustainable fan-owned operation, which is already engaging the community around it.
RISE IN TUST INFLUENCE
It’s fair to say that TUST have been working very hard behind the scenes to prepare for this moment for some time, especially once it became clear in recent years that the previous ownership did not have the club or the fans best interests at heart.
500+ Investors in the CSI have helped increase the TUST membership to 1140, from just over 400 a year ago. £50,000 from the TUST Forever Yellow Fund secured a first TUST protected seat on the TUFC board of directors to represent the views of fans, complementing the existing directors from the Bryn Consortium.
The money from the CSI will provide a second TUST protected seat on the TUFC board of directors, securing additional protected rights so that no majority shareholder of TUFC can change the Club’s name, Stadium, badge, logo or main home kit colours without the agreement of TUST.
In truth, the fans will have a big say in how the club is run going forward through TUST, and can help prevent the kind of situation that we found ourselves in earlier this year with the club in real danger of going out of existence.
HOW THE MONEY WILL BE SPENT
It has been made clear that all of the funds raised will be transferred to the Club and deployed on and off the pitch. TUST will be issued shares in the Club based on the amount invested.
It has been stated that the money will be used by TUFC:
- To invest into the playing budget for Paul Wotton and Neil Warnock to attract the best footballers to the Club:
- This could be put towards a “marquee” signing to help the team get promoted out of the National League South, or to cover injuries.
- To fund improvements to the infrastructure and the upgrading of facilities at Plainmoor and to enhance the match-day experience for all right around the stadium:
- The painting and general tidying up of the stadium by TUST volunteers, and the long overdue smart renovation of the outside of the Family Stand help to provide a welcoming feel to supporters and sponsors, but other areas need attention.
- Co-Chairman Michael Westcott, in recent interviews, has pointed to the floodlights and the electronic scoreboard both being past their end of life, so these are likely to be near the top of a list of improvements.
- To support a new youth development programme to nurture future talent:
- It’s no secret that the lack of a proper youth scheme in recent years has meant that TUFC has missed out on the talents of future internationals Ollie Watkins, Kieffer Moore, and Jamie Reid, with many other local lads choosing to go to learn their trades at Exeter City and Plymouth Argyle. This is a far cry from the late 80s and early 90s when we produced the likes of Lee Sharpe, Paul Hall, Darren Moore, Wayne Thomas, and many others whom held down regular places in the TUFC First Team.
- To allow the Club to boost commercial revenue generating opportunities, particularly around events and the hospitality experience for local businesses wishing to entertain customers:
- The refurbishment of the Executive Boxes and The Cove (formerly Laces Restaurant) in the Family Stand have provided much needed income on match days and beyond. Since this is Michael Westcott’s expertise, then I fully expect that commercial activities will expand in this direction.
- It has also been stated that Boots and Laces will be revamped at some point once the money is available.
BENEFITS TO CSI SHAREHOLDERS
There were two packages offered to investors depending on whether the amount given was over £250 or over £1000.
The flagship benefit was your name on the 3rd shirt, but the full list is as follows:
£250 or more – Gold Member:
- Name on TUFC 3rd kit (launched in Oct 2024)
- Name on Investor board at Plainmoor
- Share Certificate
- Investor Pin Badge
- Exclusive Meet the Manager event with Neil Warnock and Paul Wotton
£1000 or more – Platinum Member:
- Name (in larger font) on TUFC 3rd kit (launched in Oct 2024)
- Name on Investor board at Plainmoor
- Share Certificate
- Investor Pin Badge
- Exclusive Meet the Manager event with Neil Warnock and Paul Wotton
- Exclusive reception with players and management
- Torquay United Annual Golf Day & BBQ Invitation
- Entry into Director for the Day draws
- Discounted rates on venue hire
TUST have stated that they will be contacting each investor individually to confirm details of the name desired on the 3rd shirt, collection of share certificate and pin badge, and dates for exclusive events.
COYY – Alan
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