Date: 9th June 2015 at 6:57pm
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Acting chairman Bill Phillips has given an update following earlier, inaccurate press commentary on the state of the takeover.

The statement confirmed that a deal in ‘principle’ had now been agreed and that was ‘fantastic news’ but it hadn’t yet crossed the line.

‘Torquay United can confirm that the deal for new ownership of the football club is edging closer but, contrary to media reports today, we are not yet over the line. A deal has been agreed in principle and it is fantastic news that the consortium led by Dean Edwards has publically stated that they are willing to take this ‘leap of faith’. Experience tells me that the legalities of such an agreement can occasionally become tangled and I am therefore reluctant to make a commitment on a specific date for completion, but we are getting there.’

Quoted himself, Dean Edwards had said earlier today of the deal that he was quietly confident that the group of ten businessmen would officially take over on Thursday, with the new board of directors being announced on Friday.

‘Torquay fans can look forward to a club that will be galvanised and ready for action. We had a meeting with the consortium last night and they’ve all agreed to take the leap of faith. The situation is not perfect, but we feel that it is a risk worth taking.’

Adding.

‘Next week, the computers will be overloaded because there will be a lot of things going on. It will all be positive, it’s been a tough time for the club over the past six weeks, but hopefully we can see some light at the end of the tunnel.’

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