A SWINDON-based company has pulled out of a bid to buy Torquay United football club.

Gaming International, based at Abbey Stadium in Blunsdon, was set to agree a deal with Torbay Council over the sale of Torquay’s Plainmoor ground, but talks have been put on hold after the firm's period of exclusivity ran out on July 31.

GI first made a bid to buy the club at the end of March and wanted to build a new stadium on the outskirts of town.

The stadium is currently owned by Torbay Council and talks broke down over a deal regarding the freehold of the Plainmoor ground.

Clarke Osborne, chief executive of Gaming International, said: “We wanted to move the club’s home ground to a new multi-use facility that would be much more commercially viable.

“We made comfortable progress with the club and entered into discussions with the local authority over purchasing the freehold of Plainmoor.

“Unfortunately, we are not able to progress any further at this moment in time, though we will continue to work closely with the club and try to get into a position where we have sufficient levels of confidence.

“The club is looking for alternatives, which they’re perfectly entitled to do, but if nothing comes of that then we may still have a future with them.”

Torquay’s Plainmoor ground is quite small, with a capacity of 6,500, and is situated in a built up area, which isn't ideal from Gaming International's point of view.

Mr Osborne, insisting that GI are still keen to go ahead with the purchase, added: “For us, it is essential that the club has a new ground so they can exploit all the commercial opportunities that come with it.”

Gaming International manages and operates greyhound racing tracks all over the country with stadiums in Swindon, Poole, Reading, and Milton Keynes.

It also manages stadiums and greyhound tracks in Japan and it operates the National Bowl in Milton Keynes, which hosts live events.

Torquay is currently in the National League, formerly known as the Conference division, and has been plagued by financial problems in recent years with reports of some players being paid less than minimum wage.

Last summer, the club was taken over by a consortium after the then owner Thea Bristow resigned a month before planned.

The group were forced to make drastic cuts, despite their wish to return the club to the Football League and forge a more sustainable business model.

The Adver approached Torquay United for a comment but the club was unable to respond before going to print.