Torquay United Fans Forum

midtable wrote: 17 Aug 2024, 11:09 Have I misread something because it seems that TUST are being offered a seat on the board for 50,000 pounds? And another seat if another 50,000 pounds is raised from a share offer?
Such seats are normally free to fan representatives.

£50k for the first board seat, £100k for the second. My take is that the £50k is a good will gesture from the Bryn consortium as they don't have to offer anything. (it's preusmably quite a lot less than what each of the memnbers has had to "invest"). The second seat is another share of the consortium that they're buying

There is occasionally a fan represnetative who gets to go to the board meetings, but that's a significant step away from having true board representation - in those circumstances, the fan rep is basically there to watch. Thhey have not voting rights and legally speaking, no say. the Trust buying seats on the board means that they are legally a part of the club's ownership and I would imaigne that it makes it a clearer path to full ownership when/if the Bryn group decide it's time to step aside. It probably also means that they have the right of first refusal, along with other consortium members, if, and a member of the consortium or other small shareholder decides to move on.

The heritage might seem like a small thing, but we've had our badge changed even quite recently, and for more it speaks to the idea of securing the clubs future regardless of whoever else happens to own the place. And the "Moving the club away from Plainmoor" bit is, I believe, separate from any council/freehold conversation - it implies that the Trust would have veto over a move to a new ground even if that freehold issue was overcome. So Osborne Mk II can't buy the club in future and build a stadium in Newtown Abbot withouth the Trust's consent.

So - TLD:DR; yes, you seem to be missing quite a bit.

midtable wrote: 17 Aug 2024, 11:09 What am I missing?

A lot.

My understanding is that TUST have already invested £50k from their funds for a seat on the board. They are now trying to raise funds via the Share Issue for a second seat.

Not sure I understand your belief that things are usually free - we're owned by a consortium, meaning people buy into it. It's not the same as Osborne controlling the whole club, funded by the property developer and free to appoint whoever to run the club for him whilst he never turned up. The people who buy into the Bryn Consortium have to fund the difference between our income and expenditure, which in recent years has been several hundred thousand pounds. Far from being free, I suspect the current Bryn Consortium have committed a lot more than £50k (or even £150k) each for their seats.

The difference between a free fan representative under a different ownership structure and TUST buying into the club now is that TUST would own a share of the club rather than just having a fan voice.

I suspect also that the TUST want to inject some money as a means of contributing more to the club. If you saw the figures from the forum a few weeks ago, £100k is a decent amount of money now we no longer have a propery developer underwriting losses and expenditure will be a lot less. Given that TUST are by nature Torquay United fans, they want to help the club. Reading the article as well, the second seat brings with it protection on the name, stadium, kit colour, nickname etc - which is surely very welcome news given what we have just endured with the previous owner.

The consortium have stated their longer term ambition is to hand the club over to the TUST rather than run it forever themselves. Step one towards that is TUST being involved, voluntering to do jobs around the ground and saving the club money. Step two would be TUST raising money for itself and seeing if the potential is there to generate enough funds to run the club. Maybe it will, maybe it won't, but they are going to give it a go. Probably at worst they will inject some money into the club and help it out right now.

Also, in our 125 years we have changed name from Torquay United to Torquay Town and back to Torquay United.

Have I misread something because it seems that TUST are being offered a seat on the board for 50,000 pounds? And another seat if another 50,000 pounds is raised from a share offer?
Such seats are normally free to fan representatives.
If the previous board had come up with such an idea we would be marching to the club.
We love the new owners but it seems a lot of money for something that is normally free.
The comments on the website "special ‘heritage’ approval rights enshrined in the Articles which ensure that no majority owner can change the Club’s name, badge, home kit colours or nickname, or move the Club away from Plainmoor, without TUST’s agreement."

It is still 50 grand and I suspect a good lawyer could change anything. Also, no owner in over 125 years has wanted to change the club name. While no one will realistically move away from Plainmoor because the council own the freehold so you can't sell it.
50, grand for very little.
What am I missing?