A consortium led by Manchester City have bought A-League club Melbourne Heart, with the owners of NRL club Melbourne Storm also involved.
After struggling to make an impact on and off the field since making their debut in the competition in 2010, Heart had been the subject of a bid from Victorian Premier League club South Melbourne last year.
The club sacked coach John Aloisi in December following a disastrous start to the 2013-14 campaign, replacing him with predecessor John van 't Schip, and only narrowly avoided setting a new record of 20 consecutive matches without a win, beating the Newcastle Jets last Friday.
But the struggling outfit are now set to receive an enormous boost, with City – owned by a member of the United Arab Emirates' ruling family – set to provide a major influx of business and football expertise.
"We are excited about the opportunity to make Melbourne Heart one of the most successful football clubs in Australia and throughout the region," City chief executive officer Ferran Soriano said in a statement.
"We believe the strong sports culture of Melbourne combined with the football and commercial expertise within our consortium will make for a powerful combination both on and off the pitch."
According to joint statements released by City and Heart, Van 't Schip and the existing Heart playing staff are set to stay in place for now, with no major announcements about changes to be made until 'mid-2014'.
"The first thing we must do is take the time to listen and learn and then to develop our strategy for strengthening the club over time," Soriano said.
Football Federation Australia chief executive David Gallop heralded the announcement as an indication of the A-League's continuing growth.
"Football has moved into the mainstream of Australian sport and is ideally placed to benefit from the boom in football across Asia," Gallop said.
"Manchester City and their Australian partners have made a strategic investment and I welcome them to our growing competition.
"It's another sign that the world is taking notice of Australian football."
Manchester City have also expanded into North America, with New York City set to make their Major League Soccer debut in 2015.
|Del Neri sacked by Udinese|
|Everton striker Niasse facing two-match ban after FA diving charge|
|Lampard excited by English clubs in Champions League|
|Thiago and Coman back for Bayern´s trip to Anderlecht|
|Dybala hails Messi as ´our Maradona´, wants to play with Neymar|
|Sherwood talks up Spurs as potential Champions League winners|
|Borussia Dortmund on the brink as Real Madrid eye progress - Champions League in Opta numbers|
|Hughton hopeful on video assistance after Brighton denied penalty|
|Klopp staying calm over Salah form|
|Griezmann: I don´t regret staying at Atletico|
|Guardiola dismisses Champions League favourites tag|
|Brighton and Hove Albion 2 Stoke City 2: Gross, Izquierdo extend home unbeaten run|
|Rose in contention to face Dortmund as Pochettino denies ´issue´ with defender|
|Benzema knows he can give more – Zidane|
|I´ve fulfilled my dreams already – Klopp has no plans to coach Barcelona|
|Aubameyang will face Tottenham, Bosz confirms|
|Klopp expects Matip to face Chelsea, Lallana return getting ´nearer´|
|Berizzo looking to former Red Aspas to provide lessons for Sevilla|
|Mangala ready to pounce, but realistic on Man City playing time|
|Mendy injury means Aguero or Jesus for Guardiola|
|Guardiola sends ´big hug´ to ´amazing, so gentle´ Pulis|
|Tavecchio quits as head of FIGC, claims board have refused to resign|
|Benedetto facing Argentina World Cup KO with cruciate injury|
|Shape up! Heynckes reveals demand to Bayern star Vidal|
|Ramos sits out Madrid trip to APOEL|
|West Brom sack Pulis after wretched run|
|Lloris wants Spurs to forget title and focus on top four|
|Pogba no Gerrard yet, says Benitez|
|Guardiola will ´kill´ City stars if they get complacent|
|Ibrahimovic: My injury was worse than people know|
|Icardi like a ´raptor pouncing on its prey´, says Spalletti|
|City style suits me and thrills neutrals, says De Bruyne|
|Guardiola ready to risk Kompany for Man City after Stones´ injury|
|Stones can bounce back stronger - Kompany|
|In-form Chelsea have regained hunger - Conte|
|Inter 2 Atalanta 0: Icardi brace sends Spalletti´s side second|
|Giampaolo promises more from ´extraordinary´ Sampdoria|
|Record-breaking Valencia tee up blockbuster Barcelona clash|
|Poor West Ham performance at Watford was to be expected - Moyes|
|We will see what happens in the future - Silva non-committal on Everton rumours|
|Stones can bounce back stronger - Kompany|
|Football needs to do more to combat racism - Boateng|
|Watford 2 West Ham 0: Misery for Moyes on Hammers bow|
|Unlucky 13: Benevento suffer record-breaking defeat|
|Juventus lost composure amid Sampdoria onslaught - Allegri|
|Sampdoria 3 Juventus 2: Champions slip further off the pace after thriller|
|Coleman confirmed as Sunderland boss|
|I was just injured - Belgium´s Nainggolan blasts ´stupid´ claims of feigned ailment|
|Leeds United 2 Middlesbrough 1: Losing streak snapped to ease pressure on Christiansen|
|Hughes backs Giggs for Wales job|
|Madrid confirm Ramos´ broken nose after derby clash|
|Kane wants to retire with Tottenham|
|Mourinho: Man United lacked balance with attacking line-up|
|Pastore not considering PSG exit to help World Cup chances|
|Wenger, Ozil & Sanchez uncertainty affecting Arsenal, says Seaman|
|Silva not surprised by Chelsea, Spurs interest in Richarlison|
|Ancelotti, Conte, Allegri on shortlist to replace Ventura|
|Perth Glory 0 Melbourne Victory 2: Visitors claim first A-League win of season|
|Marcelo unaware of Ramos-Ronaldo rift at Real Madrid|
|Neymar will take PSG´s next penalty - Cavani|
|Ranieri would consider coaching Italy|
|Postecoglou set for decision on Socceroos future|
|Championship Review: Millwall deny sloppy Sunderland, Wolves back on top|
|Simeone rallies around under-fire Griezmann|
|It´s a growth process - Montella optimistic despite Napoli loss|
|Spalletti happy at Inter, tips Ancelotti for Italy job|
|Sarri defends sacked Ventura over Insigne´s Italy snub|