Torquay United Football Club unveils New Articles of Association to secure Supporters’ Trust Role
Torquay United Football Club is pleased to publish its new Articles of Association, marking a significant advancement in the Club’s corporate governance.
Articles of Association are legal documents that establish the rules and regulations for a company’s operations. Articles define the roles and responsibilities of directors, outline the rights of shareholders and provide a framework for decision-making processes.
The Club’s current Articles, based on legislation from 1985, have been modernised to include provisions reflecting the latest legislation and modern corporate governance principles, ensuring transparency and accountability within the Club.
Importantly, the new Articles also guarantee the Torquay United Supporters Trust (TUST) a permanent and protected role in the Club’s future, underscoring the Club’s commitment to a sustainable, fan-led approach, through two new provisions:
- TUST will be guaranteed a protected seat on the Club’s Board of Directors following its acquisition of shares through the £50,000 capital injection from the ‘Forever Yellows’ Fund.
- If TUST’s upcoming community share issue reaches its minimum fundraising target of £100,000, TUST will secure a second protected seat on the Club’s Board, along with new special ‘heritage’ approval rights enshrined in the Articles which ensure that no majority owner can change the Club’s name, badge, home kit colours or nickname, or move the Club away from Plainmoor, without TUST’s agreement.
The new Articles were developed in consultation with the TUST Board and other key stakeholders, including the Football Association and the Football Supporters’ Association. They can be viewed at www.torquayunited.com/articles
TUST will use the capital raised from a successful Community Share Issue to acquire shares in Torquay United AFC Limited to be held on behalf of fans who subscribe and invest.
“We are thrilled to formalise the role of the Torquay United Supporters Trust in our governance structure,” said Club co-chairman Michael Westcott. “This move not only strengthens our corporate governance, but also ensures that the voices of our loyal supporters are protected in the future. I encourage everyone to look out for details of the exciting Community Share Issue which TUST will launch shortly, which offers some really exciting benefits for those able to invest and subscribe to community shares via TUST.”
“This is an historic moment in the history of TUST as our relationship with the Bryn Consortium has been consolidated with the implementation of these new Articles of Association,” said TUST chairman Nick Brodrick.
He continued, “On behalf of our members this is a landmark occasion which will enshrine certain Golden Share rights for future generations to come on the proviso that we can successfully achieve the targets of our Community Share Issue.”
Chris Hart from Wollens said “We are proud to have supported the club in modernising its governance framework, which will include a guaranteed role for TUST on the board.
This initiative is a positive step forward, reinforcing a fan-led approach that will undoubtedly strengthen the club’s long-term commitment to its supporters and ensure a sustainable future for Torquay United.
Note: the new Articles and the issuance of new shares to TUST are subject to approval by 75% of the Club’s shareholders. All shareholders, including the Club’s minority historical shareholders, will soon receive formal notice of the relevant shareholder voting documents (which can be viewed here). The Bryn Consortium, which holds 93% of the Club’s shares, will be voting in favour, and therefore shareholder approval is expected to be secured.