Premiership club Worcester Warriors have been taken over by a consortium led by finance specialist Errol Pope.
Pope, who works in property and commodity trading, is the primary funder in a four-man consortium.
It also includes former Saracens and Sale flanker David Seymour, ex-Swindon Town chairman Jed McCrory and Scott Priestnall.
“Our search has been extensive. The whole process has been a thorough one,” said Warriors chairman Bill Bolsover.
“To ensure we found the right owners who have the backing to take this club forward.
“Having met with numerous potential new owners and investors we have found long-term owners who are capable of taking the club to the next level.”
Former owners Sixways Holdings Limited, who had run the club since 2013, first officially announced they were seeking new investment a year ago.
The consortium, who have agreed an undisclosed price, say they are committed to keeping the club at their 20-year-old stadium at Sixways.
“They have shown that they have the capability and commitment to invest millions of pounds into Warriors to further develop the club,” said Bolsover.
“As a board we believe the new owners have inherited a club with huge potential both on the pitch and commercially. And a clear vision to ensure Warriors can achieve long-term success and become one of the top clubs in the Premiership.”
Former Swindon chairman McCrory has previously also been involved in takeover talks at two former English Football League clubs – Torquay United and Hereford.
Premiership rugby at Sixways
Worcester Warriors first won promotion to the Premiership under coach John Brain in 2004 back in former owner Cecil Duckworth’s heyday.
The current season is their 13th in the top flight, interrupted only by relegation in 2010 and again in 2014.
Sixways Holdings Limited took over in 2013 when long-time benefactor Duckworth reduced his involvement.
Duckworth will remain part of the new board as club president, as will chairman Bolsover and chief executive Gus Mackay.
Warriors, who bought the freehold on the 50-acre Sixways site back from the old Worcester Rugby Club, were reportedly valued a year ago at £26.7m.