A-League club Newcastle Jets have been bought by China-based business Ledman Group, Football Federation Australia (FFA) announced on Tuesday.
The governing body had taken control of the club in May 2015 after revoking the licence of previous owner Nathan Tinkler.
But the Jets will now be in the hands of the Ledman Group, a high-tech LED signage manufacturer, operator and integrated sports business based in Shenzhen.
The business owns Shenzhen Renren, who are in League Two in China.
"We see a bright future for football across Asia and the Hyundai A-League is at the forefront as one of the top professional leagues in the region," Ledman Group chairman Martin Lee said.
"The investment aligns with Ledman’s activities in several sectors of the sports industry and I'm excited by the potential of the club.
"Most of all, I understand that the Newcastle Jets are a very important part of the Newcastle community.
"I want to work closely with everyone in Newcastle, the fans, members and the local football community, to make this club the best it can be."
Ledman Group are also an official partner of the Chinese Super League and a sponsor of Portugal's second tier, the Ledman LigaPro.
