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 Torquay United agrees takeover with Gaming International Ltd

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lawnmowerman

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PostSubject: Torquay United agrees takeover with Gaming International Ltd   Wed Mar 30, 2016 6:59 pm

As it says on the tin. Interesting times ahead for them hopefully.

http://www.bbc.co.uk/sport/football/35928605



Torquay United have signed a memorandum of understanding for a takeover of the club by Gaming International Ltd.

A statement by chairman David Phillips said the two parties are now in the process of completing due diligence.

In 2015, he led a consortium of local businessmen who purchased the National League club from Thea Bristow.

"If and when a deal is completed, this will be wonderful news for TUFC," Phillips said. "There will be significant finance put into the club."

Last summer's takeover led to budget cuts which have coincided with the Gulls struggling near the bottom of the table.

They are currently 22nd, two points from safety, with seven games left to play this season.

Torquay's financial problems have included claims that some players were on contracts worth "less than the minimum wage".

Phillips' statement continued: "It is common knowledge that since the current board of directors saved the club from oblivion last June, we have lacked the finance to move forward.

"Unfortunately this has indirectly reflected in the results on the pitch.

"Among many things proposed by the new investors would be to resurrect the youth academy, which would be fantastic news for the club."

Phillips urged supporters to "remain patient" and not cause any "unrest" as boss Kevin Nicholson and the team try to avoid relegation.

"The next month is a critical period in the club's history. Any distractions, however well-meaning, will have a negative impact," he added.

Based in Swindon, Gaming International Ltd, run greyhound racing tracks in England and Japan through its subsidiary, Stadia UK.

It also operates the National Bowl in Milton Keynes, which hosts live music events.
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Tgwu

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PostSubject: Re: Torquay United agrees takeover with Gaming International Ltd   Sun Jul 31, 2016 12:22 pm

Torquay United takeover collapses as Gaming International pull out

Torquay United have confirmed that their proposed takeover of the club has collapsed.

The Gulls had been on talks with a company called Gaming International over the proposed sale of the club, but it seems that has now ended with Phillips and the board now seeking alternative investment.

A statement released by the Gulls' chairman, David Phillips read: "I can today announce that Gaming International (GI) and Torquay United are no longer working towards a purchase/sale of the club.

Torqucy United chairman David Phillips

"We encountered a major stumbling block over GI's instance on the purchase of the freehold of Plainmoor which was not a part of the Memorandum of Understanding we had with them.

"I would like to thank Mr Osborne and Gaming International for their interest in our club. As a consequence we are now actively talking to and inviting interest in TUFC from parties who share our vision and passion for this great club.

"I would urge all fans to support the club as strongly as possible whilst we continue our quest to establish a sustainable and successful football club in Torbay.

"When I (and the Board) interviewed Kevin Nicholson for the manager's post, Kevin presented his 'blue and yellow print' - a plan to rebuild TUFC and return the club to the former status it had in the community and with supporters.

"I and the other Board members have supported TUFC with all our hearts for many years – in my case over 60 years, in a number of capacities. I believe 100 per cent that our biggest impact and legacy will be appointing Kevin and allowing him to rebuild this club a brick at a time.

"This plan included achieving survival last season which we miraculously achieved despite incredible financial restrictions and other operational obstacles.

"When Kevin writes his book, and uncovers some of the madness and trials we all suffered behind the scenes, I am sure it will be a best seller, and maybe even a great TV series!

"We clearly need to return the club to the Football League, whilst building a sustainable and profitable business that operates without debt or the need for huge "handouts" from an oil baron or sheik.

"This has to be done whilst all the time engaging with the community, being present in the schools, at local events, meeting the supporters, making the players accessible to you all. Kevin has been more than true to his word in this area. The amount of time he has given, along with the players, has been more than I have ever seen from any other manager.


"Ultimately to move this club up the leagues we need to develop our football facilities further and establish a conveyor belt of young, home grown talent building on links with schools and local clubs within the community. This has all to be achieved in the right way. No short cuts, no underhand tactics.

"Getting the right people on the on our side, sharing our vision and plans with you all, and everyday doing the important things to achieve those goals. I am sure the future will still hold many ups and downs for the club - the story of TUFC after all! Whatever happens, I urge you to back the club, Kevin and his players in turning round our fortunes both on and off the pitch.

Please come to Plainmoor and make it a fortress Clearly, this football club can only excel with you, our supporters, helping us all you can. We need you to come to home games. Let's get 3,000 inside Plainmoor every week and cheer our great players on to victory. Your investment can help towards our survival and return to the Football League that we all crave."

Phillips continued: It is important that we now must restore links with local businesses, members of the community, supports and obviously TUST (Torquay United Supporters' Trust.

"We have an exciting and inspirational journey ahead of us. We have mountains to climb and walls to knock down. We need your support to overcome those obstacles in order to make this club great again.

"I and my fellow directors assumed our positions as custodians of the club without warning and without any experience or track record. We are like you, supporters at heart! We just love our club and could not stand by and watch it fold. The predicament we inherited last year meant decisions had to be made that we knew would affect the long term future of the club but the harsh reality was that there would not be a long term unless we somehow survived in the short term.

"Our aim has always been to find genuine, passionate, honest and driven professionals to do the job of rebuilding this great club. We are all, and have always been, willing to forget the money we invested if it meant getting the right people on board. That remains our sole focus. We accept criticism and we know we may have not always have done things that others thought appropriate, however everything we have done has been our best to keep the ship afloat."

From local media
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Les Miserable

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PostSubject: Re: Torquay United agrees takeover with Gaming International Ltd   Sun Jul 31, 2016 12:27 pm

Wrong forum.
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Tgwu

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PostSubject: Re: Torquay United agrees takeover with Gaming International Ltd   Sun Jul 31, 2016 2:21 pm

I know, followed the first post, up to a mod to move it.


Last edited by Tgwu on Sun Jul 31, 2016 2:22 pm; edited 1 time in total
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alannotivvy

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PostSubject: Re: Torquay United agrees takeover with Gaming International Ltd   Sun Jul 31, 2016 2:22 pm

Hardly the end of world is it.
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Les Miserable

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PostSubject: Re: Torquay United agrees takeover with Gaming International Ltd   Sun Jul 31, 2016 2:38 pm

alannotivvy wrote:
Hardly the end of world is it.


What, arma geddon?
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PatDunne



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PostSubject: Re: Torquay United agrees takeover with Gaming International Ltd   Sun Jul 31, 2016 3:29 pm

Lucky escape, the prospective new owners wanted the ground/land - almost reminds me of someone closer to home.
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