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Joe Giordano, owner of construction consultancy Devsol, has part bought Torquay United football club. He is one of four entrepreneurs who acquired the league two club earlier this month and plan to build a new stadium.

Devsol has begun researching the feasibility of redeveloping the existing stadium to serve the Gulls and other sports including athletics and rugby.

Giordano said: 鈥淲e would like to create a better environment for the community, a stadium for the whole of the Southwest.鈥�

Giordano鈥檚 partners in the venture are former professional footballer Chris Roberts, who has become the club鈥檚 chairman, financier Bryn Walker and media relations expert Roy Ruddock. The latter two are directors of the club alongside Giordano.

Roberts has already begun talks with Torbay Mayor Nick Bye regarding the new stadium and plans to open formal talks with the council as soon as possible, Giordano said.

The Miller Partnership has been tipped to design the new stadium. Roberts is a close friend of architect Brian Johnston, who works at Miller. The firm designed stadiums for Leicester City, Derby County, Southampton and Hull City.

Giordano, who worked for both Gardiner & Theobald and Davis Langdon before launching his own company, said the move was 鈥渟cary but exciting鈥�. He added that Devsol鈥檚 work on the stadium would form the basis for developing a speciality in the sports sector.

The four businessmen have declared their intention to lift Torquay United to League One.