Torquay United takeover: National League yet to ratify deal for club
Torquay United's takeover has yet to be ratified by the National League.
Gaming International (GI), under subsidiary firm Riviera Stadium Limited, agreed a deal to buy the club before Christmas.
The National League did not approve the takeover at Thursday's monthly meeting for 'administrative reasons'.
"We have been assured by the National League that all of the financial and other requirements have been satisfied," a Torquay statement said.
And the club expect the takeover to be ratified by the National League at their next board meeting in February.
"In recent times, I don't think that anyone would disagree that the club has lost focus and consequently, has suffered both financial and organisational instability," Torquay United director and GI chairman Clarke Osborne said in a statement.
"Our short-term objectives are to bring us back to a stable footing as soon as possible and certainly by the end of this season.
Harrop returns in new role
Meanwhile, Torquay have appointed former academy boss Geoff Harrop as general manager.
Harrop, who left the club when the academy was shut down in the summer of 2015, had been in charge of Yeovil Town's academy.
"Geoff knows football, the club and Torquay; he is ambitious and committed to the successful future of the club," added Osborne.
"As general manager, he will oversee our operations and will be tasked with managing the development of a five-year plan and the re-establishment of a football academy and integrated youth football network.
"(Manager) Kevin Nicholson and Geoff will work closely together in developing this brilliant club, and improve every aspect of what we do on, and off the pitch, and report to the board of directors.
"We have spent a rather hectic few weeks working with the management team, meeting many people connected with supporting the club, and started to get to grips with the short-term challenges."