Football Federation Australia has sold the A-League's newest franchise Western Sydney Wanderers to a consortium of investors, cutting the apron strings from a club it has poured millions of dollars into.
Football Federation of Australia has confirmed that the Western Sydney Wanderers have been sold.
The new owners will be a consortium headed by Primo Group CEO, Paul Lederer.
FFA established the Western Sydney Wanderers in April 2012 and has held the licence for the past two years. The transfer of the licence will be effective from 30 June 2014.
FFA CEO David Gallop said the sale was an important step in the growth of the Western Sydney Wanderers.
“The Wanderers were built for the people, by the people of Western Sydney. That was the promise from day one and FFA has held true to that mission," he said.
“Like FFA before it, the new consortium understands its role as the guardians of the Wanderers.
"They are entrusted by the members of the club to protect and build on what has been achieved."
FFA boss Frank Lowy said in March the sale would reap about A$10 million ($9.22 million), the surplus of which would be shared among clubs in the 10-team league.
The club has proved a smashing success, reaching the competition's final in a fairytale debut season and building a fervent supporter base in the city's working class west.
Consortium head, Paul Lederer, said the culture of the Wanderers would remain unchanged under the new ownership.
“The spirit of this club comes from the members, fans and the people of Western Sydney. Nothing will change in that regard," he said.
Lederer has been a director the Wanderers for the past two years. He said this relationship has allowed him to see first-hand what makes the club special.
“The consortium has responsibility to ensure the Wanderers have a sound financial base and a strong administration so the club can continue to grow and be successful on and off the field.”
The Wanderers made a second successive final in the recently concluded 2013/14 season, losing to champions Brisbane Roar, and have qualified for the quarter-finals of the Asian Champions League tournament.