Melbourne Heart is understood to have completed a sale worth around $11 million with a significant amount of the funding believed to be coming from middle eastern investors who have bankrolled English powerhouse Manchester City.
The takeover of the struggling A-League side has been mooted for several months but is believed to have been signed off by Football Federation Australia on Wednesday night.
The deal is being fronted by New Zealand entrepreneur Bart Campbell, who also headed a consortium that bought NRL club Melbourne Storm last year. Campbell is sports management and sports marketing company TLA Worldwide which controls Melbourne Storm. Campbell is the non-executive Chairman of sport management and marketing company TLA Worldwide.
They have been in talks with Heart chairman Peter Sidwell and his fellow directors for a number of months. However sources indicated that some of the cash will be provided by the fabulously wealthy investors from the United Arab Emirates who have helped to turn Manchester City into one of the strongest clubs not only of the English Premiership but also European soccer.
Heart is currently bottom of the A-League and has had a horror season only winning its first game of the campaign last Friday when it saw off Newcastle in a 3-1 win at AAMI Park.
- The Age