Adelaide United to be taken over by Football Federation Australia
Adelaide United have been taken over by Football Federation Australia after owner Nick Bianco withdrew his investment.
The FFA will control the Reds on an interim basis as they search for other investors.
"We are confident that a suitable new owner for the club will be found, but we are also prepared to wait for the right new owner or owners,” said FFA CEO Ben Buckley.
"We will ensure the club continues to have a strong presence in the competition now and into the future.
"I would like to thank Nick Bianco for his outstanding support of Adelaide United Football Club over the past four years.
"We also hope that Nick continues his involvement with football in Australia in the future," concluded Buckley.