Torquay United board agree to sell the club and hope deal will be done by mid-December

TORQUAY UNITED‘s board of directors have agreed to sell the club subject to final contracts and due diligence being done.

The cash-strapped Gulls have been struggling financially since lottery winning owner Thea Bristow decided to sell up in the summer of 2015.

A David Phillips-led consortium took charge and have been looking for investment since as Torquay look to compete at the right end of the National League.

The Gulls were close to securing new financial backing earlier this year but after months of negotiations, Swindon-based Gaming International Ltd’s interest came to an end.

Chairman Phillips revealed in September that the Devon outfit were available for less than a “big detached house” and reckons the deal is a “bargain”.

At the start of November, Phllips said the club had two “definite offers” on the table and it looks as if one of them has been accepted.

While details of the proposed takeover have not been revealed, the Gulls are hopeful of completing the deal by mid-December.

A club statement read: “The board of directors are pleased to announce that they entered into an agreement to sell the club, subject to final contract and due diligence, and hope to have completion by 16th December 2016.

“Due to a contractual requirement for confidentiality, the board will not release any further statements until the 16th December (or completion of the sale if earlier).”