Torquay United's Administrators Begbies Traynor have announced that they have identified a preferred bidder to take over the National League South side.
After receiving a ten-point deduction following former owner Clarke Osborne's intention to place the club in Administration, the Gulls officially entered Administration last Thursday with Begbies Traynor appointed to the role.
A statement on the club's website said: "“Out of the firm bids received by TUFC, one party has now been identified as the preferred bidder.
“Although the preferred bidder will remain confidential at this stage, this news is the latest and, perhaps, most significant yet towards securing the Club’s long-term future."
It also said that further updates will be made available in due course, although the club's Supporters Trust and a group of local businessmen have declared an interest in taking over the club.
