NATIONAL LEAGUE SOUTH side Torquay United appear to have been saved from extinction by a consortium of supporters.
It comes just weeks before the club closes after entering administration.
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A statement from Torquay’s administrators revealed that the Bryn Consortium was appointed as preferred bidder after a sale agreement was reached between the two parties.
The group is made up of Gulls fans Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Rob Hawes and Simon Robinson and is subject to creditor approval.
This follows failed negotiations with a previous preferred bidder.
A statement shared on Torquay’s website said: “An agreement for the sale of 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 finance the club after failing to find a buyer.
Torquay, who were in League Two as recently as 2014, were formally placed into administration in April after Osborne’s loans to the club rose to £5.28m.
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The Gulls dropped ten National League points in March – falling from 12th to 17th in the table – before being awarded an additional point for fielding a suspended player.
They finished the season in 18th place – the worst ever finish in the football pyramid, but avoided dropping down to the seventh tier by seven points.
Speaking about the deal, joint administrator and partner at Begbies Traynor’s Exeter office, Scott Kippax, said: “This proposal is the best possible outcome for the creditors, the club and the fans.
“We are delighted to have reached the point of a conditional sale agreement, which would allow all tax debts and trade creditors to be fully settled within a relatively short period of time.
“This is good news for the long-term future of the club and we are pleased to be able to present such a favorable proposal to the creditors.”
Bryn Consortium leader Wescott added: “We are delighted to have delivered a positive outcome for all creditors and provided a future for our beloved football club.
“There is a lot of work to be done in the coming days and weeks, and next week we will be releasing a series of updates to fans on preparations and plans for next season.”
Torquay United Supporters Trust (TUST) welcomed the move, saying in a statement: “TUST is delighted that Bryn Consortium will be the new custodians of Torquay United, heralding a new era for the long-term future of our football club .”
TUST’s Nick Brodrick added: “As the club statement says, there will obviously be a lot of work now. There has been a lot of work but it will intensify as we move forward in the coming weeks.”
Despite not being part of the club’s shareholding structure, TUST played an important role in the change of ownership and will hold a meeting with the Bryn Consortium on Monday to formalize its involvement.
The club have not released their list of signed players and are yet to decide who their manager will be for next season, with Aaron Downes in interim charge following Gary Johnson’s departure in February.
The Bryn Consortium will be the fourth group to own the Gulls since 2007.
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