FFA completes sale of A-League's Western Sydney Wanderers
SYDNEY Thu May 29, 2014 3:37am BST
(Reuters) - Football Federation Australia has sold the A-League's newest franchise Western Sydney Wanderers to a consortium of investors, cutting the apron strings from a club it has poured millions of dollars into.
The national soccer governing body hastily set up Sydney's second A-League club in 2012 with the help of state funding, and the Wanderers have proved a smashing success, reaching the competition's final in a fairytale debut season and building a fervent supporter base in the city's working class west.
The consortium, to be led by club director and local businessman Paul Lederer, would take over the team's A-League license from June 30, the FFA said in a statement.
FFA boss Frank Lowy said in March the sale would reap about A$10 million ($9.22 million), the surplus of which would be shared among clubs in the 10-team league.
The Tony Popovic-coached Wanderers made a second successive final in the recently concluded 2013/14 season, losing to champions Brisbane Roar, and have qualified for the quarter-finals of the Asian Champions League tournament.
(Reporting by Ian Ransom in Melbourne; Editing by Greg Stutchbury)
