Plymouth Argyle have offered trials to members of Torquay United's youth academy.
The Gulls have closed their academy to save money. Argyle's is run by former Torquay player and manager Kevin Hodges, who said he was delighted to offer the opportunity.
Devon's other club, Exeter City, also offered trials to Torquay's youngsters recently.
Torquay United will unveil their new manager Paul Cox at a press conference today.
The 43-year-old former Mansfield Town boss replaces Chris Hargreaves who was placed on gardening leave at the weekend.
Former Mansfield Town manager Paul Cox has just been announced as the new manager of Torquay United.
Cox's three-and-a-half years at Mansfield saw the club promoted back to the Football League after five years.
Torquay parted ways with former boss Chris Hargreaves in a dispute over pay.
Torquay United has announced it is closing its youth academy as part of cost-cutting measures.
The club said the "painful and stark reality" was that it could no longer afford to run it while still ensuring a future for the club.
In a statement on its website the club apologised to the "outstanding" and "talented" young footballers who will now be released.
A new board of directors took over the troubled club yesterday. The club's new Director of Football Dean Edwards will explain the decision to close the youth department at a meeting at the Launa Windows Stadium tomorrow night.
"We would like to put on record that we did not create this situation. For months now, the precarious nature of the football club has been obvious and, in truth, this should have been resolved a long time ago.
"The comments made by former vice-chairman Bill Phillips in suggesting the youth department would be retained were both premature and misleading to the young footballers in our structure.
"We are extremely sorry for all the young boys who have been in the system and the dedication shown by these talented youngsters, and their families, has been outstanding at all times."
"Now this decision has been reached, we can confirm that all the Academy and youth-team players are free agents.
"Despite our disappointment at being placed in this position, we are in no way abandoning the culture of trying to develop young players and the future plan involves working closely with local clubs to help nurture talent.
"We are already in discussion with Paul Devlin and his team of coaches in Football in the Community to see how we can play a role in expanding their operation to develop elite pathways for the best young players in our region.
"We will also seek to enhance the scouting network available to Torquay United, with the aim of identifying talented teenagers who we believe can make the step up to training with our first-team squad.
"Finally, Torquay United would like to thank all the coaching staff in the youth department for their tremendous commitment. Geoff Harrop, Robbie Herrera, Kevin Nancekivell, Craig Easton, Matt Scholes, Matt Williams and all the part-time coaches did a superb job and we are very grateful."
Torquay United has new owners. A consortium, led by former Gulls striker Dean Edwards has taken control of the club after reaching an agreement with the remaining Board of Directors at the Launa Windows Stadium.
It is one of the most significant days in the history of Torquay United and gives us all a chance to look forward to a fresh new era after a long period of great uncertainty.
There is still an incredible amount of work to be done, but we now have a chance to move forward.
A group of people have agreed a deal to take over Torquay United.
The consortium, which is being led by former Gulls striker Dean Edwards, has already provided proof of finance to ensure they can fulfil next season's fixtures in the National League.
The group should take command of the club on Thursday, with a new board of directors being unveiled on Friday.
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.
Today is a bitter sweet day for me. I have transferred the majority of my shares and it has closed the chapter of my ownership of the club. I certainly have had mixed emotions throughout this whole process, but know that it is the right decision for me and my family.
I look back and hopefully Paul and I made a bit of a difference. There have been some great times and some not so great times, but overall, whatever decisions we made, they were always in the best interests of the club.
One thing I do know is that whenever I come to the ground, I am always so proud of seeing Bristow’s Bench and the lasting legacy to both Paul and the club.
I, like any fan, can’t wait to see us back in the Football League and look forward to cheering the team onto that.
I wish the Directors in luck taking on this challenge. For me, knowing I had to move on, this route has given me the chance to pass my shares onto people who know and care for the club, especially in time for any Conference deadlines.
The Directors have assured me that they will continue speaking to the TUST and other consortiums for further investment or help, plus that they have the capability to run the club next season. I am sure they will announce their plans more formally over the coming weeks.
I look forward to watching and supporting as a fan and thank you for all the support and kind wishes during my time as Chairman.
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.
While this news came as a setback, this is not time for doom and gloom, as talks with other interested parties have already reopened, including a lengthy meeting at the Launa Windows Stadium over the weekend.
The incredible generosity of Thea Bristow has left Torquay United in a healthy position for new people to move this club forward and the hard work of finding fresh investment is well under way.
The club also revealed it had received an anonymous donation from a supporter.
Torquay United striker Elliot Benyon and right-back Dale Tonge are the latest players to be told they won't be offered a new contract next year.
The news from manager Chris Hargreaves follows the departure of young centre-forward Duane Ofori-Acheampong earlier this week.
The rest of the Gulls' squad are not expected to hear about their fate until after the final game of the season tomorrow, at home to Macclesfield Town.