Thea Bristow has confirmed she is in formal talks to sell her share of the club.
Torquay United made the announcement following last night's 1-0 win against Lincoln City.
The club says they will not comment further until contracts have been exchanged.
Thea Bristow has been confirmed as Lifetime President of Torquay United.
Vice Chairman Bill Phillips says Thea’s contribution to the club is " unparalleled" and the Board felt it was important they showed it.
Torquay United take on fellow strugglers Barnet this weekend. The match is not only vital for the Gulls' hopes of maintaining their league status, it also marks the first game in charge for United's new Chairwoman Thea Bristow. Here's Jeff Welch's full interview with her