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Last Updated: Wednesday, 15 August 2007, 08:22 GMT 09:22 UK
Deal done on town football club
Swindon's County Ground
The club has said it will stay at the County Ground
A new company has taken formal control of Swindon Town FC, it has been announced.

The board said it had signed a contract with Best Holdings SGPS S.A, but has not released any more information about who is involved.

It is thought the company is Portuguese.

Director Bob Holt said more information would be released soon, but that it was business as usual at the club's County Ground.

The club has previously said a new consortium of investors would include long-time owner the Wills family, their advisor and club general manager Mike Diamandis, and a new investor.

Fans' consortium

The backers have said they have enough money to deal with financial problems and to look to the long-term.

When Swindon Town FC came out of administration in 2002, it agreed to pay 1m within five years to creditors.

It still owes about 900,000.

Last December, a fans' consortium backed by former QPR chairman Bill Power tabled a formal application to take control of the troubled club.

The Wills family have two directors on the club's board (Sir Seton and son James), and remain the majority shareholder.

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