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Torquay United's board of directors have agreed a deal to sell the club.

The club had been in advanced talks with investors form the Midlands after talks with a Canadian consortium ended earlier in November.

It is hoped that the deal will go through by Friday, 16 December.

"The board of directors are pleased to announce that they entered into an agreement to sell the club, subject to final contract and due diligence," a statement from the Gulls said.

"Due to a contractual requirement for confidentiality, the board will not release any further statements until 16 December (or completion of the sale if earlier)."

The financially-troubled club was taken over by a group of local businesspeople in the summer of 2015 after lottery-winning former owner Thea Bristow departed.

They were forced into drastic cost-cutting measures, including axing the closing its youth academy, moving out of their training ground and cutting the playing budget, while manager Kevin Nicholson has had to double-up as the team's bus driver.

A agreement had been reached with Swindon-based Gaming International but it collapsed in July after a deal to buy the freehold of Torquay's Plainmoor ground from the local council could not be reached.