English Premier League giant Manchester City, in partnership with a group of owners of National Rugby League side Melbourne Storm, have acquired A-League club Melbourne Heart.
Football Federation Australia (FFA) approved the acquisition on Thursday.
The move will allow the new ownership group to assume responsibility for all existing obligations of Heart, effective immediately.
Storm's ownership group will be minority shareholder with a 20 per cent stake.
The World Game understands Peter Abraam, Executive Director Strategic Planning at Abu Dhabi Royal Group, played a key role in brokering the deal.
Abraam, born and raised in Melbourne, has a decorated career in sport management and is a former board member at South Melbourne Football Club.
Manchester City chief executive Ferran Soriano said he is excited about the opportunity to make Heart one of the most successful football clubs in Australia and throughout the region.
"We believe the strong sports culture of Melbourne combined with the football and commercial expertise within our consortium will make for a powerful combination both on and off the pitch," Soriano said via a statement on Thursday.
FFA Chief Executive, David Gallop, welcomed the acquisition of Heart's licence as a huge vote of confidence in the future of the A-League.
"Manchester City and their Australian partners have made a strategic investment and I welcome them to our growing competition. It's another sign that the world is taking notice of Australian football," Gallop said.
"Manchester City and their partners will bring a high level of expertise in football and sports business matters and that can only strengthen the Melbourne Heart and the Hyundai A-League as a whole."
The new ownership group said it would not be making any major announcements until mid-2014, out of respect for the coaching staff and players.
Speculation remains rife that the consortium may seek to re-brand Heart, with a group called MHFC Holdings Pty Limited registering the name Melbourne City Football club on 16 January.
(Picture source: Twitter)
City's investment comes after last year's establishment of New York City Football Club, which will enter the Major League Soccer competition in 2015.
It also set up Manchester City women's team.
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