A consortium of local businessmen is set to take over financially troubled Torquay United.

The club had been in administration after former owner Clarke Osborne could no longer fund the National League South side following the withdrawal of property development partners.

The Bryn Consortium of Michael Westcott, Tom Allen, Mark Bowes-Cavanagh, Rob Hawes and Simon Robinson are now preferred bidders.

Torquay United Supporters’ Trust say they will continue talks about a possible investment in the club.

“During the past week, The Bryn Consortium has emerged as the party that can provide the best prospects for both the club and its creditors in the immediate and longer term,” a statement from the club’s administrators read.

BBC Sport understands that the consortium was not the original preferred bidder of the administrators – the identity of the other bidder has not been revealed.

The club finished the season 18th in the sixth tier – their lowest finish since joining the EFL in 1927 – after having a total of 11 points docked.

Ten points were taken away after administration plans were announced in February and an extra point was docked for an ineligible player.