NATIONAL LEAGUE SOUTH side Torquay United look to have been saved from extinction by a consortium of fans.
It comes just weeks before the club was set to fold after going into administration.
GettyTorquay are set to be saved from extinction by a consortium of fans[/caption]
RexThe Byrn Consortium have agreed a deal to buy the club, subject to creditor approval[/caption]
A statement from the administrators of Torquay revealed the Bryn Consortium had been named as the preferred bidder after a sale agreement was reached between the two parties.
The group consists of Gulls fans Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Rob Hawes and Simon Robinson and is subject to creditor approval.
It comes following failed talks with a previous preferred bidder.
A statement shared on Torquay’s website said: “A sale agreement for Torquay United AFC Limited has been reached with The Bryn Consortium of Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Rob Hawes and Simon Robinson, subject to creditor approval.
“The proposed company voluntary arrangement would see all tax debts and trade creditors paid in full within six months.
“Under the terms of the agreement, Torquay United AFC Limited would continue to operate the football club with the new owner becoming the controlling shareholder.”
Former owner Clarke Osborne announced in February that he and his partners could no longer fund the club after failing to find a buyer.
Torquay, who were in League Two as recently as 2014, were formally put into administration in April after Osborne’s loans to the club rose to £5.28million.
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The Gulls were deducted ten points by the National League in March – dropping them from 12th to 17th in the table – before being docked an additional point for fielding a suspended player.
They finished the season in 18th place – their lowest ever finish in the football pyramid, but crucially avoided dropping into the seventh tier by seven points.
On the deal, joint administrator and partner at Begbies Traynor’s Exeter office, Scott Kippax, said: “This proposal is the best possible outcome for creditors, the club, and the fans.
“We are delighted to have reached the point of a conditional sale agreement, which would see all tax debts and trade creditors settled in full in a relatively short period of time.
“It is good news for the long-term future of the club, and we are pleased to be able to present such a favourable proposal to creditors.”
Bryn Consortium lead Wescott added: “We are delighted to have provided a positive outcome for all creditors and provided a future for our beloved football club.
“There is much work to be done in the coming days and weeks, and we will issue a series of updates to supporters next week on the preparations and plans for the forthcoming season.”
Torquay United Supporters Trust (TUST) welcomed the move, saying in a statement: “TUST is delighted that the Bryn Consortium are the new custodians of Torquay United, heralding a new era for the long-term future of our football club.”
Nick Brodrick of TUST added: “Like the club statement says, there is obviously going to be a lot of work now. There has been a lot of work but it is going to intensify as we go through the next few weeks.”
Despite not being part of the club’s ownership structure, TUST played a role in the change of ownership and will hold a meeting with the Bryn Consortium on Monday to formalise their involvement.
The club have not released its retained player list and are yet to decide on their manager for next season, with Aaron Downes in interim charge after Gary Johnson left in February.
The Bryn Consortium will be the fourth group to have owned the Gulls since 2007.
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