Torquay United chairman David Phillips frustrated by takeover delays

David Phillips became Torquay United chairman in June 2015

Torquay United chairman David Phillips says he is frustrated at the delays over a planned takeover at Plainmoor.

The National League club has been the subject of a bid from Swindon-based Gaming International Ltd since March.

"I was really hopeful to make a definitive statement today," Phillips said following the National League club's annual meeting on Monday.

"We've come along some obstacles in that period, and it will probably go right to the last day."

The firm's period of exclusivity with the club runs out on 31 July.

Torquay have experienced a season of financial instability after millionaire owner Thea Bristow left the club in the summer of 2015, leading to a takeover by a consortium of local businesspeople headed by Phillips.

On the field, the club was bottom of the table in February and 10 points adrift of safety but a great run of results under new manager Kevin Nicholson saw Torquay beat the drop.

"We're all frustrated, as the fans are, that it's dragged on for so long," Phillips told BBC Sport.

"I was on the record as saying that by the end of the season we'd have hoped that the deal would have been concluded, but it never was.

"We've talked about plan B's, which I can't go into. We're still hopeful that a deal will go through, but we just don't know at this stage."