Swindon-based Gaming International Ltd, who run greyhound racing tracks in England and Japan and the National Bowl in Milton Keynes, are currently in the process of buying the club.
The Gulls were taken over last summer by a group of supporters after millionaire owner Thea Bristow left.
"We're getting very close to the takeover now," Phillips said.
"They want to get a football club on board," Phillips told BBC South West.
"I've met them and they're very, very good people. I think we need the investment, we've never hidden that - we've never had enough money to really push forward."
The club were forced to drastically cut the playing budget, got rid of former manager Chris Hargreaves,closed the youth academy and had to leave their training ground.
On the field, the team were 12 points adrift from safety at the bottom of the National League in February, but a run of nine wins in their last 15 league games saw them secure survival on Saturday.
"I was one of the fans that saved the club back in June, but now we need to go forward and we need to get back into the Football League," added Phillips.
"If we get back into the Football League it'd make a big difference to our club."
Phillips is unsure whether he or his fellow directors will remain at the club should the takeover be completed.
"We're not sure how the structure will be, but its conceivable that we'll still be here," he said.
"I don't know that for certain yet, but that's a possibility."

The Public Accounts Committee criticised the Department for Transport (DfT) for buying stock itself for the Intercity Express programme and the Thameslink project.
The MPs also said it was "extremely disappointing" that the Thameslink carriages would not be built in the UK.
The DfT said the schemes would "bring enormous benefits to passengers".
The committee said the government had decided to lead on the procurement on the two schemes, "despite having no previous experience of doing so".
The contracts are to supply, finance and maintain the new carriages. Previously, this would be done by the train operating companies, the report said.
But in this instance, the DfT had decided to intervene because of the "massive scale and complexity of both procurements".
A Hitachi-led consortium is supplying 866 new carriages for the Intercity Express programme, which will replace ageing trains on the Great Western and East Coast lines.
In the other contract, German company Siemens is supplying 1,140 new Thameslink coaches to provide improved capacity on cross-London rail routes.
The combined cost of the two contracts is about £10.5bn.
The report said that by buying the trains directly, the DfT had taken on the risk of passenger forecasts being wrong.
"If demand proves to be lower than forecast, taxpayers would have to cover the costs of any financial shortfall," it said.
"These two major projects also demonstrate yet again that the department has limited capacity and capability to manage large-scale procurements, and that it remains overly reliant on consultants."
The MPs welcomed Hitachi's decision to build 592 carriages in County Durham, creating a reported 900 new jobs, but committee chairwoman Margaret Hodge added: "It is extremely disappointing that Siemens will not also be manufacturing the Thameslink carriages in the UK, when the £2.8bn contract is funded by the UK taxpayer and farepayer."
The MPs said the government should be "more assertive" in asking for information from contractors in this area.
Siemens is building the 1,140 carriages in Germany, but claims up to 2,000 jobs will be created in the UK supply chain.
Mick Cash, general secretary of the RMT transport union, said: "The companies using these trains get to privatise the profits while the public get to shoulder over £10bn of risks. It is an absolute disgrace."
A DfT spokesman said: "Successive governments have considered how best to deliver these orders and have come to the same conclusion, that government should lead with expert support and advice from the train operating companies.
"IEP and Thameslink are making excellent progress and are on track to deliver very good value for taxpayers and improved services for passengers. They are also creating thousands of new jobs across the UK rail industry."
A takeover of National League club Torquay United is close to completion, according to chairman David Phillips.
[NEXT_CONCEPT]
Taxpayers have been left "bearing all the risk" from purchases of new trains worth £10.5bn, MPs say.