Bristol were talking about a merger with Bath at one stage
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Bristol rugby club has been taken over by a group of local businessmen headed by two former players.
Alan Morley MBE, who played at Bristol for 20 years and won eight England caps, and former captain Nigel Pomphrey, head up the six-strong group that will run the club.
It also includes Chris Booy from the construction industry, property developer David Freed, Rob Clilverd and solicitor David Powell.
Former Chairman and owner Malcolm Pearce will play a part, and the newly-formed Supporters' Trust is expected to have an important say.
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It's wonderful news, and just what I've been hoping for. I've always said it wasn't right that a single individual owned a rugby club
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A statement from the club, which was relegated from the Premiership last season, said: "Both sides acknowledge that the process has taken longer than anticipated.
"But in any business agreement there is usually a lengthy delay before the deal is completed and the legal and financial issues have been signed by all parties."
Since relegation, a flood of well-known players have left the club, which was talking at one point of merging with Bath.
Malcolm Pearce added: "It's wonderful news, and just what I've been hoping for. I've always said it wasn't right that a single individual owned a rugby club.
"There should be a group of people and ideally an input from the supporters and members to boot.
"It seems ironic but perhaps being relegated from the Premiership was the best thing that could have happened," he added.