Riviera Stadium Limited’s takeover of Vanarama National League club Torquay United has officially been ratified by the league.
The Gulls revealed the decision in a statement on their official website on Tuesday afternoon.
It read “The National League has confirmed that control of Torquay United Football Club has transferred to Riviera Stadium Limited.
The change of ownership at Torquay United was ratified by the Board of the National League at a Board Meeting on Thursday, February 23rd and we have now received confirmation of that decision”
Riviera Stadium Limited are a subsidary of Gaming International, who agreed a takeover deal with the Gulls in December.
At the time outgoing chairman David Phillips told BBC Sport that he was “pleased and relieved” that the deal had been done.
He said “”I am pleased and relieved at the same time as the club’s been in dire straits for quite some time now financially.
“We need a major investment into the club and that’s what’s going to happen.
“They’ve put a significant amount of money in already and are ready to put in a lot more as well”
Gaming International had pulled out of a move to buy the club last summer after failing to agree a deal to buy the freehold of the Gulls Plainmoor home.
But terms were agreed on a new takeover bid in December and now they have had their ownership of the Gulls confirmed.
The club currently sit in eighteenth position in the National League table, one point and three places above the relegation zone.
Article: Mark Carruthers (@marknldaily)
Image: Reuters Media