Torquay United takeover deal expected this week

Torquay United
Torquay United were relegated from the Football League in April 2014

Torquay United should have new owners by the end of the week, according to the club's acting chairman.

Bill Phillips has released a statement saying that the consortium of 10 local businessmen aiming to buy the club are "in the box seat".

It is understood that the group will meet on Monday night to formalise their takeover plans.

"Torquay United are hopeful that a deal on ownership will be completed this week," Phillips said.

"The consortium led by Dean Edwards is definitely in the box seat, but the final decisions have to be made very soon," he added.

Torquay finished 13th in the Conference last season. The club has been up for sale since January, with lottery-winning former owner Thea Bristow selling her 80% stake to the present board of directors for £1 last month.

The consortium lodged a five-figure bond with the newly-named National League last week to ensure they retained their status in the division for the forthcoming season.

"At the moment, the club is in limbo and, judging by the season-ticket sales, supporters are waiting for some definitive news," added Phillips.

"It is completely fair to say that we face a huge week in the future of Torquay United Football Club."

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