Former Torquay United chairwoman Thea Bristow has entered into formal talks to sell her stake in the club.
The lottery-winning millionaire and has been actively searching for a buyer for the club since the start of the year.
The club has not revealed who has made the bid for Bristow's stake.
"There has been a lot of hard work to get to this point, and I hope that we will be able to conclude this deal," Bristow said in a statement.
"It is a big decision to announce at this point, but we all know the way that football works and it is very difficult to keep anything under wraps once a few people know, so I felt it was important to inform you all of this milestone myself.
|Torquay's turbulent 12 months|
|April 2014: Relegated from the Football League after finishing bottom of League Two|
|September 2014: Go second in the Conference after a 10-game unbeaten run which included six successive wins|
|October 2014: Fail to make the FA Cup first round for the first time in club history after a 2-0 loss at Aldershot in the fourth qualifying round|
|December 2014: Begin a run of one win in 12 league games|
|January 2015: Bring in former Oxford chairman Kelvin Thomas to try and find a buyer for the club|
|March 2014: Reserve goalkeeper Jordan Seabright quits to become a car salesman|
|March 2014: Millionaire chairwoman Thea Bristow leaves the club|
"It is safe to say that this does not mean we are over the line yet, but it is a major step in the right direction," she added.
She assumed his role on the board and
She brought in former to help try and find a buyer for the club in January.
Bristow has been in discussions with various parties including the Torquay United Supporters' Trust and there is now an exclusivity period between Bristow and the potential new buyers.