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."
The leader of a consortium which is trying to complete a takeover of Torquay United Football Club has confirmed a deal is close but needs a final push to get over the line.
Former Torquay player and the Gull's current Commercial Manager, Dean Edwards, says there is just a week to save the club and prove it is financially viable for next season.
Torquay have been looking for a new owner since Lottery-millionaire Thea Bristow stepped down and sold her stake to the current board.
"We're up at the conference this weekend and we've got the documentation to prove that we have funds to go forward into next season.
To get the deal done obviously we've got a meeting on Monday with the consortium, a final meeting to sort of to see if everybody is ready to take the leap of faith"
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.
The crew of the Plymouth-based submarine, HMS Torbay, have been granted the freedom of Torbay.
After an official service the submariners paraded through Torquay town centre, exercising their right to march through the borough bearing arms.
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.
A care worker has been charged with sex attacks on two elderly women residents at a care home in Devon.
Christina Sethi, who's 25 and from Torquay, has appeared before magistrates in the town on three counts of sexual assault. The alleged offences took place at a residential home in South Devon. Ms Sethi has been remanded in custody.
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.
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.