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Torquay United have been sold to Swindon-based Gaming International.

The company pulled out of a bid for the club in the summer after they could not agree a deal to buy the freehold of their Plainmoor ground.

But the deal was resurrected without that aspect going ahead.

GI hope to tie up contractual matters by 19 December with the takeover ratified by the National League soon after, which will see the current Torquay board step down.

The cost of acquiring Torquay has not been revealed, but it is believed to be a 'substantial amount' - the company having already given the Gulls a £125,000 loan which had been due to be repaid in January.

The deal, which was facilitated by Truro City chairman Peter Masters, will see a subsidiary of Gaming International, Riviera Stadium Limited, become the club's new owners.

And Truro still have an agreement to share Plainmoor should their proposed new stadium not go ahead.

"I am pleased and relieved at the same time as the club's been in dire straits for quite some time now financially," outgoing chairman David Phillips told 91�ȱ� Sport.

"We need a major investment into the club and that's what's going to happen."

"They've put a significant amount of money in already and are ready to put in a lot more as well," he added.

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

But they were forced into drastic cost-cutting measures, including 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.

Torquay are currently 17th in the National League table, having won seven of their 23 games.