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.
There has been a lot of hard work to get to this point, and I travel hopefully that we will be able to conclude this deal.
It is a big decision to announce at this point, but we all know the way that football works and it is very difficult to keep anything under wraps once a few people know, so I felt it was important to inform you all of this milestone myself. That way you know that the work is continuing to find a solution.
It is safe to say that this does not mean we are over the line yet, but it is a major step in the right direction. I am also really pleased that the last few results have been positive and I look forward to the final two games of this season.
Paul Sturrock has left his role as an advisor to Torquay United after just four days.
His appointment was announced on Easter Sunday, but he has since been offered a permanent contract at another club.
The Torquay board still hope to bring in someone else to support manager Chris Hargreaves.
I am very disappointed but we wish Paul the very best of luck in his new job,
Paul Sturrock fitted the bill because he lives locally but I wish him well... Events can take over the best laid plans but we have to find someone comparable with Paul.
The principle is there and now it’s finding the right person. The basis of the idea is to do everything we can to help Chris achieve great success as the manager of Torquay United.
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.
I am very proud of my involvement with the club and will gratefully accept the title of Lifetime President.
This means that I will step down as Chairman with immediate effect. Whilst I made the earlier decision to go at the end of the season, it has become increasingly obvious to me that the interests of the club are better served by allowing the Board to continue the plans for the rest of this season, particularly as they will naturally impact upon next season as well.
I am afraid I will continue to be an ever-present sight and sound at Torquay's matches, waving and ‘clacking’ in what I hope is a Presidential manner.
Torquay United are in Conference action tonight.
The Gulls travel to Woking, hoping for back-to-back wins after beating Kidderminster at Plainmoor on Saturday.
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.
I have been thinking about this decision for a while and it is best for me and my family that I step down to allow others to take the club forward.
As I am sure people will appreciate, the role of Chairman can be a stressful one and recently it has had an impact on my health. Therefore, now is the right time to say that I think I have done enough.
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.
Finally, I would like to thank the fans, my family and friends for all the kind wishes and support over the years and I look forward to being a noisy part of the Yellow Army for years to come.
Torquay United play the biggest game of their season tomorrow as they host Wrexham in the semi final second leg of the FA Trophy.
The Gulls lost 2-1 in Wales last weekend. But victory in the match at Plainmoor will see them through to the final at Wembley Stadium.
It would mean a lot to the club financially, it would mean a lot to the fans who thick and thin have supported us.
Finally for the players; it would give them some achievement that is everything in football, forget the money, achieving things in football is everything for me so that's what I want for them.
Torquay United’s home game with Lincoln City has been postponed after failing a pitch inspection.
A match official was called in to take a precautionary look at the playing surface and deemed the pitch unsafe for the players.
Details of the rearranged fixture will be announced as soon as possible.
Torquay United's chairman Thea Bristow has confirmed that Kelvin Thomas will stay on to help the club after a three-week temporary role.Read the full story ›
Torquay United football club has brought in outside help to try to make it more financially sustainable.
Kelvin Thomas, the former Chairman of Oxford United, will spend the coming weeks assessing the state of the club.
The US-based businessman says he's not here to invest in the Gulls, just to advise on difficult decisions ahead.
More details are expected to be announced this morning about the new team being brought in to help run Torquay United off the pitch.
Kelvin Thomas, who used to be Chairman at Oxford United, will be working closely with Gulls Chairman Thea Bristow. She wants the club to be run in a more sustainable way, after subsidising Torquay for the last three years.
A press conference has been called for this morning.