National League club Torquay United are in “advanced” talks about a possible takeover, according to Gulls chairman David Phillips.
Last summer the club was taken over by a consortium of local businessmen led by Phillips after millionaire owner Thea Bristow left Plainmoor.
That takeover led to budget cuts that have seen the club struggle near the bottom of the National League.
Results have improved recently, with the Gulls only losing one of their last ten matches in all competition.
Despite that improved form, they still sit in the National League relegation zone, although they are only a point from safety and hold a game in hand on twentieth placed Boreham Wood.
“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,” he added to BBC Radio Devon.
Torquay’s financial problems have been well-documented this season, with the club closing its youth academy, manager Kevin Nicholson claiming that some of his players were contracts that were worth “less than the minimum wage” and the Gulls boss having to double-up as the team’s bus driver.
“It’s at a very delicate stage,” added Phillips. “I would love all the fans to know exactly what was going on, but that’s just impossible.”