David Phillips, chairman of Vanarama National League club Torquay United, has announced he has signed a memorandum of understanding for a takeover of the club by Gaming International Ltd.
They are currently in the process of completing due diligence.
Phillips said: “If and when a deal is completed, this will be wonderful news for Torquay United FC.
“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.
“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.”