TUST Not An Option

tomogull · Post by **tomogull** » 31 Oct 2016, 23:43

MarkL wrote:A Mr P.Masters of Truro currently residing at TQ1?

If it's a choice between Peter Masters and Gaming International, it equates to a choice between Clinton and Trump.

ROADRUNNER · Post by **ROADRUNNER** » 01 Nov 2016, 07:24

Either way someone needs to take over and as it stands this club is in meltdown and cant carry on with its present owners. we need investment now even if its gaming international or masters or Bloddy donald trump.

goodluckgull · Post by **goodluckgull** » 01 Nov 2016, 08:42

Was it a good idea for the TUST to spend £2000 to find out the "bleedin' obvious" ? That money could have been better spent elsewhere.

S4fedr1ve · Post by **S4fedr1ve** » 01 Nov 2016, 11:29

ROADRUNNER wrote:Either way someone needs to take over and as it stands this club is in meltdown and cant carry on with its present owners. we need investment now even if its gaming international or masters or Bloddy donald trump.

.

Orange Gull · Post by **Orange Gull** » 01 Nov 2016, 12:22

Club statement regarding community ownership.

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 are will endeavour to get the best deal to take this club forward.

http://www.torquayunited.com/news/artic ... 93857.aspx

This doesn't tell us much except that the club has received offers by "other investors". Clearly some progress is being made and there is interest in the club.

ferrarilover · Post by **ferrarilover** » 01 Nov 2016, 12:40

Good news.

TUST are a well meaning but destitute (relatively) bunch who, realistically, could support the club financially for about 15 minutes.

See the damn thing to Pete Masters and be done with. He's got potloads of cash and he's willing to spend it. Give Nico a couple of hundred thousand to sign a squad of competent players and pay them properly and we can look forward to a second half revival which sneaks us into the playoffs on the last day.

Matt.

Kit_robin · Post by **Kit_robin** » 01 Nov 2016, 12:48

The TUST email response to the rejection of the exclusivity period by the board shows the just how naive the directors are.

A six figure, interest bearing loan by GI which, if not repaid by end of Jan means TUFC is owned by GI. Surely the directors could see that as soon as these terms were agreed GI were never going to complete a deal to buy the club when they already had a better than 50/50 chance of acquiring it for no further investment.

Phillips and co. Better be damn confident that the new offers will bear fruition otherwise they have just given the one organisation who could have raised the money no time to do so.

Post by **Gulliball** » 01 Nov 2016, 13:32

So we have 14 weeks to find a buyer, conduct due dilligance on them, them conduct due dilligance on us, complete all the paperwork and make a six figure payment to GI. Otherwise we haven't even sold the club to property developers, we've given it to them for the price of the loan?

Given that we've spent about 5 years looking for investors in the club, and the last takeover attempt took months to get nowhere, it's not a great situation. Anyone who wants guarentees from the council would be ruled out for a start.

You would like to think that we haven't refused the TUST without something better in prospect, but we're now basically over a barrel in terms of finding investment within 14 weeks, which doesn't give us much of a position of strength to negotiate. Our only hope is someone who has the interests of the club at heart, and we have at best one last (rushed) chance to make a decision and get it right.

pnutgull · Post by **pnutgull** » 01 Nov 2016, 13:52

Am I also surprised that the six figure loan is an "interest bearing loan". They really had nothing to lose with this arrangement and everything to gain and there appears to be at best some naivety with accepting this arrangement or more likely desperation.

I understand where the views on the ability of TUST to finance the necessary sums have come from but I also know of a few, and yes it is only a few, people who are willing to put in five figure sums to get things going. How many more there may or may not be of course is the question and I cannot answer that. The comment about the waste of £2000 on the independent review isn't really fair as how could any trust go out to say "give us your money to save the club" if they didn't know the true financial state of affairs.

We do seem to be still sinking. Is the Pete Masters leaky lifeboat such a bad option ? It does look like the presidential elections part 2 though.

Richinns · Post by **Richinns** » 01 Nov 2016, 14:07

Ahh yes, the enigma which is Pete Masters.

Been in the boardroom for months (years in fact) and also rumoured to have loaned the club money.

The answer? - well potentially he could be but then ask yourself this - why has he not already bloody acquired the club by now?

Does he truly have the club at heart or is he another shark in the water disguised as a trusted advisor?

SBP · Post by **SBP** » 01 Nov 2016, 14:52

I think the club is finished, nobody gives a stuff about TUFC. Apart from a core amount of supporters which is dwindling every week nobody is interested. The council couldnt care less, the local population of Torbay are not interested, over the last few years anybody that did care, the club has shafted them.
The club has completely self destructed from one disaster to another, managers, directors, players, money and lots of it.

Kit_robin · Post by **Kit_robin** » 01 Nov 2016, 14:59

Richinns wrote:Ahh yes, the enigma which is Pete Masters.

Been in the boardroom for months (years in fact) and also rumoured to have loaned the club money.

The answer? - well potentially he could be but then ask yourself this - why has he not already bloody acquired the club by now?

Does he truly have the club at heart or is he another shark in the water disguised as a trusted advisor?

Because he currently owns another football club, so is unable to own us.

When he was the "preferred bidder" for Thea, Truro got promoted and ended that. Now he has the potential to make a packet out of Silver Bow but that is looking less likely to continue. It would not surprise me if he is now interested again after a period where he was concentrating on making money out of Truro.

Relinquishing the silver bow project to GI in return for them writing off the loan is just one (potentially very real) possibility. masters can then get on with trying to do the same thing to us, be it successfully or not.

tomogull · Post by **tomogull** » 01 Nov 2016, 16:50

pnutgull wrote:Am I also surprised that the six figure loan is an "interest bearing loan".

As interest rates are currently rock bottom, I assume the interest being charged on this loan is something like 0.05%. Oh dear ....... I've just seen a pig fly past the window.

MarkL · Post by **MarkL** » 01 Nov 2016, 17:11

The club are up to its neck and the only firm offer with no strings attached is the TUST offer.... and it has been refused over and over.
I despair.

Dave Phillips: What are the other offers? We are about to go down the pan so what is there to lose? Why hide behind this stupid smoke screen anymore? So far it's got us in debt and taken all of our assets away. The vultures are lurking and we're told to plod on and mind our own business... well it is OUR business. If we don't turn up to the next home game, you will know that very well.

Glostergull · Post by **Glostergull** » 01 Nov 2016, 17:27

i sometimes despair of some of you. the offer from TUST may have no strings attached. (depends on who is running TUST bearing in mind some of the things said on here about them) but where does anyone have any proof that TUST can afford to buy United. I see nothing apart from promises as yet. there is nothing confidential in giving us an idea where the money comes from seeing as they have said various bodies would give grants. if thats so lets see the proof of this. because I know for one thing. grants are not just giveaways and they have all sorts of strings attached so there is no guarantee that we could get all or even part of any grants. and would they even amount to enough to buy united.
As for expecting fans to come up with cahs. we have seen the response so far. Im not very optimistic even allowing for my rose tinted outlook on life. I have seen many many people in various walks of life make these sort of promises and it all came to nothing.
So if TUST had been given an exclusive period and then said at the end; Sorry guys we can't do it. then the loan would be in serious jeopardy of not being paid and we would end up in the hands of GI

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