Torquay United has confirmed a long-awaited takeover deal to sell the club has been completed.

The club has been in talks with a series of investors for months without success but in a statement this morning the club said:

"The board of directors are pleased to announce that they entered into an agreement to sell the club, subject to final contract and due diligence, and hope to have completion by 16th December 2016. Due to a contractual requirement for confidentiality, the Board will not release any further statements until the 16th December (or completion of the sale if earlier).”

Torquay United Board of Directors

Torquay's chairman David Phillips told ITV News he was "extremely confident" the club would get over the line and complete a sale.

The club has been through a series of takeover attempts in the last year. Credit: ITV News

A previous takeover deal fell through in July after Gaming International failed to agree a deal with Torquay to buy the freehold of their ground Plainmoor.

The club only marginally avoided relegation from the National League last season and now sit seventeenth.