A group of Devon businessman, led by Torquay United's commercial manager Dean Edwards has tabled an offer to take over the club.
Former owner Thea Bristow last week passed 80 per cent of her shares in Plainmoor Ltd, to a group of directors and it is that controlling interest which Edwards' group is trying to acquire.
Thea Bristow has officially handed over ownership of Torquay United after transferring 80% of her shares over to a group of existing directors.
Talks to sell Torquay United to an unknown bidder have broken down, the club has said.
In April, current chairwoman, Thea Bristow confirmed she was in formal talks to sell her share of the club after announcing her resignation from the role due to ill health.
The club also revealed it had received an anonymous donation from a supporter.
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 has confirmed club Chairwoman Thea Bristow will step down at the end of the season.
Thea said she had taken the decision because of ill health, and to allow others to take the club forward. She will continue to fund the club until the end of the financial year and will transfer her loans into shares in order to pass them on debt free.
She became a member of the board in 2010 after her husband Paul, who helped fund the club after winning £15 million on the lottery, passed away at the age of 59.
Thea, who took up the role of chairwoman in 2013, has been trying to sell the club and has brought in former Oxford United chairman Kelvin Thomas to find a buyer.
Torquay are currently talking to a group thinking about buying the club. Torquay United Supporters' Trust are also reportedly interested in owning the club.
The club can also confirm that Director Alan Bristow will be stepping down at the same time.
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