Torquay United have announced that they are unable to give the club’s Supporters Trust a period of exclusivity as they look to take the club into community ownership.
The Torquay United Supporters Trust are looking into the possibility of a takeover of the club, amidst speculation that two other parties are preparing bids for the Gulls.
Now after a meeting of the club’s board of directors, they have decided they are not able to give the TUST a period of exclusivity but assured supporters that “they will endeavour to get the best deal to take this club forward”.
The club’s statement in full read “The Board of Directors met yesterday to discuss the proposal put forward by TUST (Torquay United Supporters Trust) regarding Community Ownership.
TUST had requested that the Board grant a period of two months exclusivity to them in order that they are able to proceed with the Community Share Issue. After a lengthy meeting in which the Board discussed the Community Ownership issue and other offers made to the club by private investors, a final decision was made regarding the direction the Board would take.
The Board of Directors does not feel that they are able to grant an exclusivity period to the TUST due to the nature of the offers received by other investors. The idea of Community Ownership has not been precluded; merely a period of exclusivity is impractical at this stage. The Board would like to assure all supporters that they will endeavour to get the best deal to take this club forward”