Torquay United: Preferred bidders selected for financially stricken club

Plainmoor hosted matches in the English Football League until Torquay were relegated from League Two in 2014

Torquay United's administrators say they have a preferred bidder to take over the financially troubled National League South club.

Owner Clarke Osborne put it formally into administration last week.

The administrators Begbies Traynor say they cannot divulge the bidder's identity at this stage of the process.

"This news is the latest, and perhaps most significant yet, towards securing the club's long-term future," a club statement read.

"We will continue to provide supporters with further updates as and when possible, however in the meantime, we would like to place on record our thanks to all bidding parties, the club's staff, National League, Sport England, Lloyds Bank, club's creditors and most of all our beloved supporters for their hard work, assistance, generosity and patience during the past two months."

The Gulls are 18th in the sixth tier having had 10 points deducted after Osborne first announced his intention to call in the administrators in February.

They are five points above the relegation places after a 2-1 win over Truro City on Monday night.