Melbourne-based property tycoon Robert Brij has won the race to buy Perth Glory after Tony Sage was forced to hand back the licence in July amidst ongoing financial woes.
Glory was placed into receivership three months ago when Sage stepped away after 15 years as owner.
The Australian Professional Leagues unveiled the Primeland Group-led consortium as the new owner of Glory on Tuesday.
The consortium is led by Primeland Group chairman Brij and John Nekic, who will become Glory chairman.
Primeland Group has a presence in Australia, Singapore, UK, India, UAE and Europe. Their portfolio of work includes real estate, hotels, business parks, luxury residential developments, private equity, movies and media production.
The price Brij paid for Glory's licence hasn't been revealed.
Formal completion of the deal is scheduled to take place in early November.
"We are honoured to have been handed this great responsibility, acknowledging we are just the third ownership group to lead the club in 27 years," Brij said in a statement.
"We believe in the potential of football, the potential of the A-League and particularly in the potential of Perth Glory. "At its best, Glory was a representation of Perth and WA and we are eager to reconnect, especially with the fans and bring everyone along for the journey in what we believe will be an exciting future for the club."
Nekic added: "Perth Glory's role in the history of Australian football is profound, born from the inspiration of the Perth Kangaroos and played a key role in the formation of the A-League." "We want to continue that trailblazing spirit."
Sage poured about $50 million into Glory during his tenure, which included about $14m of losses over the past three years.
When Sage handed back the licence in July, he said he deeply regretted he was unable to pay staff on time that month.
"I've run out of funds," Sage told AAP at the time.
"Everything I've got at the moment is poured into my business. I can't take it out of my business.
"I want the players to be paid on time which they weren't this month, which I greatly regret.
"It's the first time in 18 years they haven't been paid on time, but they've been paid now.
"When something like that happens, you've got to step back and make sure the sustainability of the club is the most important thing."
Glory's A-League Men campaign begins on Sunday at home to Newcastle, while the women's team kicked off their season with a 2-0 win over Western United last week.
