Torquay United chairman David Phillips has announced that the club has signed a Memorandum of Understanding with potential owners Gaming International Ltd.
Two weeks ago Phillips announced that the Gulls were in advanced talks with an interested party and now it seems that those discussions have moved on a step.
In a statement released on the club website, Phillips described the potential takeover as “wonderful news for TUFC”, as he confirmed that Gaming International plan to reinstate the club’s academy and provide significant investment.
The statement read “I can confirm that a Memorandum of Understanding has been signed between Torquay United Football Club and a major company, Gaming International Ltd.
They are currently in the process of completing due diligence.
If and when a deal is completed, this will be wonderful news for TUFC.
There will be significant finance put into the club.
It is common knowledge that since the current Board of Directors saved the club from oblivion last June, we have lacked the finance to move forward.
Unfortunately this has indirectly reflected in the results on the pitch.
Among many things proposed by the new investors would be to resurrect the Youth Academy, which would be fantastic news for the club”
However Phillips also asked for patience from everybody connected with the Vanarama National League club as the takeover moves ever closer.
He said “The next month is a critical period in the club’s history. Any distractions, however well-meaning, will have a negative impact.
Any unrest would not help Kevin Nicholson and his team in the great battle to avoid relegation.
Therefore I ask our wonderful supporters to remain patient.
The Board of Directors and I have never stopped working in our quest to take this club forward and re-establish our League status.
Any other organisations – i.e. Torquay United Fans Ltd. – have no direct connection to the club.
When any further news is forthcoming we will endeavour to keep everyone informed.
Until then no further comment will be made”