Swindon Town has released a statement announcing news that the club is to be sold.
The Board of Swindon Town FC are pleased to announce its majority shareholder Andrew Black has today exchanged contracts with a consortium to acquire the Club. 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.
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.