Torquay United Football Club have announced that Thea Bristow will take over as chairwoman with immediate effect.
Torquay United, Exeter City and Yeovil Town were all knocked out of the FA Cup at the first hurdle.
Torquay's fantastic victory
Torquay United have been drawn at home to Portsmouth in the first round of the Johnstone's Paint Trophy.
The fallen giants, who were FA Cup winners in 2008, now find themselves playing in League Two after several seasons of financial turmoil.
Exeter City also have a home tie against Wycombe Wanderers, while Plymouth Argyle will travel up the M5 to play Cheltenham Town.
The games will be played in the first week of September.
Torquay United needs a new financial backer.
The club is appealing for what is calls 'new blood' to join the Board.
The Bristow family has long been the key financial backers at Plainmoor but says new help would be 'very welcome'.
Club Chairwoman Thea Bristow said; "I am not a bottomless pit of money and we would love to attract some new investment at Board level. Allied to that, the injection of new ideas and innovations on a strategic basis can only be beneficial to the football club."
"I would also like to stress at this point that every single member of our Board has made a huge commitment to the club, both fiscal and in terms of their expertise. We are proud of the way we work as a team and any new member would be joining a very loyal and dedicated group of people."
Torquay United's new midfielder Ben Harding talks about the three P's - positivity, play-offs and promotion ahead of the new football season which kicks-off on Saturday:
Torquay United only just avoided relegation from League Two on the very last day of last season.
Now there's renewed optimism that this campaign will be an improvement.
Chris Spittles reports:
Torquay United manager Alan Knill and his players mingled with supporters at the club's annual open day at Plainmoor.
Knill expressed his belief that this campaign will be an improvement on the last, when the Gulls narrowly avoided relegation:
Alan Knill has been formally confirmed as Torquay United's new manager at his first official news conference at Plainmoor.
The former Bury manager helped keep Torquay in League Two during a nine week temporary spell in charge at the end of the season .
Torquay United has confirmed the appointment of Alan Knill as Manager.
Knill has managed the club on an interim basis since February.
– Thea Bristow, Chairwoman, Torquay United (speaking to the Club's website)
I am absolutely thrilled to welcome Alan Knill as the new manager of our club.
Alan was obviously the number one candidate for the job and I would like to personally thank him for his efforts last season.
We welcome him to the permanent position of Torquay United manager and look forward to happy times ahead."
Torquay United has issued a statement, announcing that the Board has decided to terminate the contract of manager Martin Ling with immediate effect.
The club says the decision is based purely on the team's recent footballing performances, including early exits in all three cup competitions.
Torquay United and Plymouth Argyle have avoided relegation from the Football League after a dramatic afternoon of action on the final day of the season.
Our Sports Correspondent Matthias Kurth was at Plainmoor and spoke to Gulls players Lee Mansell and Kevin Nicholson after the match: