Robins announce takeover
Swindon Town, Latest news update:
Swindon have announced that a consortium led by majority shareholder Andrew Black has bought the club, subject to Football League approval.
The Robins were recently placed under a transfer embargo and there was speculation that the League One club could fall into administration.
However, the club have now revealed details of a takeover which should safeguard their future.
A statement on www.swindontownfc.co.uk read: "Completion of the sale is dependent upon approval from the Football League, which we hope to obtain in the next few days.
"Upon completion, most of the club's existing debt will be written off, the threat of administration will be avoided and Paolo Di Canio and the squad will be able to concentrate on football and the challenge of making Swindon a Championship club next season."
Chairman Sir William Patey added: "This is an important day for the club, with the current owners writing off most of their debts and the new consortium's funding, the club has a strong financial base to continue the battle for Championship football."
Swindon sold star winger Matt Ritchie to League One rivals Bournemouth on Wednesday night for a fee believed to be in the region of £400,000.