BANGOR City is now in the hands of a new owner after a proposed takeover was formally completed.

The Chronicle understands that an Italian businessman has successfully bought the JD Cymru North side, with an official announcement set to confirm the sale as early as tomorrow (Thursday).

He is also a millionaire and plans to invest a significant amount into all areas of the set-up with a view to restoring the club back to its former glory.

The move brings an end to the tenure of Vaughan Sports Management, who have endured a turbulent spell at the Citizens’ since taking over in June 2016.

This has seen them fall from JD Cymru Premier runners-up to facing the prospect of third tier football during a difficult summer off-the-field.

The new owner will also keep Stephen Vaughan Jr at the club in the position of manager once the takeover is formally completed.

City have acquired a number of young Italian players throughout the summer to strengthen their squad, and director of football Max Leghissa also hails from the same country as the prospective new owner.

Leghissa is believed to be “close friends” with the new owner having brought his son through the youth ranks during his time as a coach on the continent, per source.

This is the latest positive news emerging from the club in recent days, with City set for a return to competitive action at Conwy Borough this Saturday after having their 21-point deduction and additional charge relating to an alleged ineligible player quashed at an arbitration hearing in Birmingham last Friday.

Club representative Chris O’Neal said: “This is the conclusion of a long, drawn-out battle with the FAW.

“The association furnished upon the panel in excess of 1,000 documents. Despite this, we have proven the case in favour of the club and we look forward to the forthcoming season.”

“For the integrity of football in Wales, we now hope that the FAW will consider the findings and make peace with us as a member club.”