Selwyn College JCR was apparently thinking of making a bid as it's the Selwyn "local". This generated extensive publicity, such as in the Cambridge Evening News.
Cambridge & District CAMRA and the Cambridge University Real Ale Society support anyone willing to keep this fine pub thriving.
There have now been several offers for the lease and the pub appears to be saved, which was the aim of the students' announcement.
Even after Tolly was passed from owner to owner during the 1980s (Ellerman Lines, Brent Walker) standards were maintained here.
Sadly the landlord and landlady retired towards the end of the decade and unsympathetic management took over. The place was gutted to make a single bland space.
In the 1990s it's carried on much the same, in spite of changes in owning company (after Brent Walker it may have been Pubmaster before becoming Allied, later Allied Domecq, and then Punch).
As of 2000 it has a reasonable selection of national beers and is popular with Selwyn students.
Good food and beer are the top priorities. It's very difficult for a no-food pub to survive in the long-term.
Subdividing it, particularly if restoring the three original bars, would allow it to appeal to a range of customers.
The hardest task, if it's to be rescued on a long-term basis, is to find the right people to run it.