English League One soccer team Swindon Town havea new owner, after local businessmen Jed McCrory led a consortium in taking control of the club.
It is thought McCrory and his group will write off the majority of the club's estimated UK£13 million debt.
Previous majority shareholder Andrew Black had put the club up for sale earlier this month, raising the prospect that it would enter administration. The club also made all its playing staff available for transfer.
A club statement on Thursday said Black had exchanged contracts with a consortium, which was not officially identified, although the deal is still subject to approval from the Football League.
William Patey, the club's chairman, said: "This is an important day for the club, with the current owners writing off most of their debts and the new consortium's funding, the club has a strong financial base to continue the battle for Championship football."
Despite their off-field struggles, under the guidance of manager Paolo di Canio (pictured) Swindon currently sit third in the third-tier League One, six points behind leaders Tranmere Rovers.