Post by rjdgull on Aug 18, 2024 15:09:23 GMT
After a lot of hard work the Community Share Issue (CSI) is more or less ready and should be launched in the coming week. (reported on club website as part of the articles of association - link) I will use this thread to update information as and when it is released but why is additional funding being raised after the club has been saved and why now?
To explain this I need to go back to 22nd February when the club entered into administration with TUST having prepared plans for this very scenario. While setting up a Phoenix club is somewhat easier to establish, the first priority was in helping save the club either by partnering or working with and facilitating a group or someone to take on and clear the various debts accrued. Thankfully Michael Westcott contacted us very quickly and after introducing him to Nick Hawker at the Exeter City Trust he was able to spend a day at St James Park learning what was needed to run a football club. Three of us from TUST were then able to meet with him at the Old Ship Inn, pre-match just outside of Weymouth in early March where he outlined his vision which we can now all see.
Initially, finances were tight in the early stages with the TUST CSI being key to saving the club but as more jumped on the bandwagon such as the likes of Mark Bowes Cavangh, the pressure and urgency for this eased and the club was able to be stabilised in good time for the forthcoming season without it. However, the community share issue minimum amount was always baked into the clubs projected income for the season so is key to sustaining the progress made from our administration exit and if the £100,000 minimum can be significantly exceeded then that allows extra headroom for growth including players, youth academy and improvement of infrastructure at the ground etc, all of which are pressing issues. It also gives fans a chance to individually contribute to saving the club with various benefits attached to this and collectively hold a significant share of TUFC through TUST together with heritage rights and future proofing that fans will hold.
So, exciting times ahead and everyone at TUST have their fingers crossed that this will be a huge success!
To explain this I need to go back to 22nd February when the club entered into administration with TUST having prepared plans for this very scenario. While setting up a Phoenix club is somewhat easier to establish, the first priority was in helping save the club either by partnering or working with and facilitating a group or someone to take on and clear the various debts accrued. Thankfully Michael Westcott contacted us very quickly and after introducing him to Nick Hawker at the Exeter City Trust he was able to spend a day at St James Park learning what was needed to run a football club. Three of us from TUST were then able to meet with him at the Old Ship Inn, pre-match just outside of Weymouth in early March where he outlined his vision which we can now all see.
Initially, finances were tight in the early stages with the TUST CSI being key to saving the club but as more jumped on the bandwagon such as the likes of Mark Bowes Cavangh, the pressure and urgency for this eased and the club was able to be stabilised in good time for the forthcoming season without it. However, the community share issue minimum amount was always baked into the clubs projected income for the season so is key to sustaining the progress made from our administration exit and if the £100,000 minimum can be significantly exceeded then that allows extra headroom for growth including players, youth academy and improvement of infrastructure at the ground etc, all of which are pressing issues. It also gives fans a chance to individually contribute to saving the club with various benefits attached to this and collectively hold a significant share of TUFC through TUST together with heritage rights and future proofing that fans will hold.
So, exciting times ahead and everyone at TUST have their fingers crossed that this will be a huge success!
