TORQUAY UNITED are in “advanced” talks over a potential takeover of the National League club according to chairman David Phillips.
Phillips became chairman in June last year after the Dean Edwards led consortium took over the Gulls from lottery winning former owner Thea Bristow.
The new regime implemented budget cuts which led to the exit of boss Chris Hargreaves and his successor Paul Cox left in September after claiming he was told he could not be paid.
Kevin Nicholson returned to the club as player-manager and a run of seven National League games without defeat has given the Gulls renewed hope of survival.
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Off the pitch, the club were forced to close their youth academy and Nicholson – who doubles up as team bus driver – said some of his players were earning less than minimum wage.
Last month it was revealed the club were in talks over a potential new stadium after an American firm proposed a 6,000 capacity ground in exchange for council land to build new housing on.
Now talks of a possible takeover have been revealed and chairman Phillips told BBC Radio Devon: “We're talking to people and it's at a reasonably advanced stage, and that's all I can say.
“I cannot go in public and say who they are, or what they're doing, I just cannot do that. When it's all gone through then the fans will be the first to know.
“It's at a very delicate stage. I would love all the fans to know exactly what was going on, but that's just impossible.”
