Torquay United: Kelvin Thomas says takeover has fallen through

Kelvin Thomas was chairman of Oxford United from October 2008 to July 2012

Torquay United adviser Kelvin Thomas has said the proposed takeover of the club has fallen through.

Earlier this week Thomas admitted the prospective buyout had reached a critical stage.

"We got very close with this deal. However, there was a material change last week which we had no control over," Thomas said in a statement.

"It has proved a difficult task trying to sell as the club hasn't been in the best condition for a few seasons now."

Discussions with other interested parties have reopened and Thomas is continuing to help former chairwoman Thea Bristow sell the club.

"I'm pleased that Thea is now in the position where her open chequebook has been finally closed," added Thomas.

"Even since stepping down she will have still put in over £200,000, which is a lot of money - especially when you know you're not involved."

Former Oxford United chairman Thomas linked up with the Devon club in January and claimed it was not his intention to take over the Gulls himself, instead preferring local investors to run the Plainmoor side.

Chris Hargreaves' team finished 13th in their first season since dropping out of the Football League.

"I have told the current board that I will help in anyway, except financially of course, for next season's plans and have also offered my shareholding to them if that helps in their own separate talks," Bristow said.

"It has proved rather more difficult than I certainly realised to give my shares away, but I think we will get there in the end."