Torquay United's 'books in order' says chairman David Phillips

David Phillips
David Phillips consortium began negotiations to take over at Plainmoor in March

Torquay United chairman David Phillips has assured fans the club is financially sound after cutting costs.

The club was taken over by a consortium headed by Phillips in June and is running with a reduced playing budget.

Manager Paul Cox, who was not paid a salary, left on Friday and director of football Dean Edwards resigned on Sunday 'owing to the financial restraints of the club'.

"The books are in order," Phillips insisted to BBC Sport.

Edwards warned last week that outstanding legal claims by former employees against Torquay United "could finish the club". but Phillips said he was confident about their future.

"By the end of this season we'll be in a lot healthier financial position than we were when we took over," Phillips added.

"As far as I'm concerned this club going along fine apart from the results on the field and Paul Cox and Dean Edwards leaving."

The ups and downs of Torquay United
2007: Finish bottom of League Two and relegated to the Conference for the first time in the club's history2013: Finish 19th in League Two after manager Martin Ling takes time off because of depression. He is later relieved of his duties and replaced by Alan Knill
2007: New board takes over after relegation, including lottery winner Paul Bristow2014: Knill is sacked in January with Torquay bottom of the league, but new boss Chris Hargreaves cannot save the club from relegation
2009: Return to Football League after winning Conference play-off finalSeptember 2015: Manager Paul Cox resigns after just 10 games in charge for 'personal reasons'
2010: Paul Bristow dies. Wife Thea takes his place on the board.September 2015: The club loses 7-3 at home to Bromley a day after Cox's resignation, with director of football Dean Edwards quitting 24 hours later

Phillips, who still works as a bookmaker, has seen four of the original 10 directors leave the board since the summer takeover, while the club has not won a game for over a month and are only three points above the National League relegation zone.

"It's been tumultuous," he said of his time at the club so far.

"It was always going to be like that, we started off at a very low ebb, we took over a club which we thought was debt-free, and it wasn't.

"We've had to adjust those books, a lot of people have left, some we're very sorry to see go, but we're getting it together.

"Every day is a battle to try and get things right and we'll continue to do so."