Businessman Chris Roberts has been confirmed as the new chairman of Torquay after his consortium completed their takeover of the League Two club.
Outgoing chairman and owner Mike Bateson steps down after 16 years at the helm, leaving the 37-year-old Roberts in charge at Plainmoor.
"I'm sorry the last few days have dragged on somewhat," said Bateson.
"But all's well that ends well and the move heralds the beginning of a new era
for the club and for the supporters."
Roberts is due to be at tomorrow's home league game against Accrington Stanley and aims to hold a press conference following the match to outline his plans for the future of the club.
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