TORQUAY UNITED chairman David Phillips says the club require a cash injection after the proposed takeover of the Gulls collapsed.
The National League side announced back in March that they were in “advanced” talks with Swindon-based Gaming International Ltd but negotiations have now come to an end.
Two weeks ago, it was revealed that the Gaming International deal was dependent on them buying the freehold to Torquay’s Plainmoor home which they wanted to redevelop, using the cash to build a new stadium on the outskirts of the town.
However, Torbay Council, who own Plainmoor, could not come to an agreement with Gaming International and the takeover is officially off following the end of the firm’s period of exclusivity on July 31.
“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,” chairman Phillips said in a statement.
“As a consequence we are now actively talking to and inviting interest in Torquay United from parties who share our vision and passion for this great club.
“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.
“Our aim has always been to find genuine, passionate, honest and driven professionals to do the job of rebuilding this great club.
“We’re open to discussions with anyone that’s interested in coming into the club. We need a cash injection, that’s pretty obvious to everyone.”
