Talks have re-opened over the future ownership of Torquay United, as majority shareholder Thea Bristow looks to offload her majority shareholding.
Mrs Bristow, who has been working with former Oxford United Chairman Kelvin Thomas to find a buyer for her shares, is writing off £3million worth of loans, as she bids to hand the ownership baton onto new investors.
This will ensure that the new owners will not be inheriting any debts at the point of the handover of the shares. However, the preferred bidder will still be required to underwrite any future losses incurred by the club.
Their ability to do this will be a major factor in determining how successful their ownership bid turns out to be.
One group believed to be interested in buying the club is a group of fans, which is understood to include Steve Breed - who often commentates on Gulls' matches for BBC Radio Devon and runs the Travel Club for away fans.
Mrs Bristow had originally agree to fund the club until the end of the financial year on June 30th, but she has agreed to extend this period until mid-summer, with 80 % of her shares in Plainmoor Ltd, the holding company that owns the club, passing onto the current board.
On completion, two of the biggest tasks facing the preferred bidder would be ensuring that manager Chris Hargreaves has a competitive budget to compete in the newly named 'National League' next season, and some work will also be required to be done on the club's training ground at Seale Hayne.
Two areas which the current consortium, which has been funded by Mrs Bristow and her late husband Paul, has invested heavily in is the club's youth set-up and the stadium, following the construction of Bristow's Bench.
These are two areas that would not necessary require the immediate attention of any new owner.
