The Central Coast Mariners has announced that the sale of the club to IT entrepreneur Mike Charlesworth has been finalised, reports SportsPro. Englishman Charlesworth, an existing investor in the Mariners, becomes the majority owner of the team, while Peter Turnbull, another shareholder, will remain as the club's chairman under the agreement.

The club revealed few details of the new ownership agreement, only confirming that all legal documents have been 'executed'.

The funds from Charlesworth's extra investment will allow the immediate payment of players, coaches and staff, all of whom were not paid last week and were said to be on the brink of a strike.

According to reports, Charlesworth's investment means Mariners shareholder Lyall Gorman, who is now executive chairman of A-League rivals Western Sydney Wanderers, will sever his ties with the team he helped form in 2004.