Jim O'Toole and James Sandford have been appointed as the new owners of troubled rugby club Worcester Warriors.
O'Toole, previously chief executive at the former Premiership club, and business partner Sandford have finally had their bid accepted by administrators Begbies Traynor.
Atlas Worcester Warriors will now take over the running of the club.
"We can confirm that contracts have been exchanged with Atlas," said Julie Palmer, partner at Begbies Traynor.
"Following a complex process, we are now able to progress the sale of Worcester Warriors and associated assets to Atlas Worcester Warriors Rugby Football Club Limited."
O'Toole and Sandford, who are backed by US investment, were given exclusivity ahead of several rival bids, one spearheaded by ex-Warriors boss Steve Diamond.
The process has taken almost six months since O'Toole made his first offer to buy the club from previous owners Colin Goldring and Jason Whittingham, prior to the club entering administration.Preferred bidders Atlas submit improved offerRugby club finances unsustainable, says MPs reportWorcester Warriors women to separate from men
"This is an exclusive contractual position and Atlas are committed to completing this transaction as early as possible," the administrators' statement added.
"We are delighted to see that there is a clear plan in place to deliver both rugby and many other exciting community-focused initiatives to Sixways befitting the fabulous facilities.
"We would also like to take this opportunity to congratulate the women's team who are being readmitted to the Allianz Premier 15s next season."
More to follow.