Cash-strapped Real Mallorca have been bought out by a group headed by former manager Llorenc Serra Ferrer, the club announced in a statement.
The Spanish club are in the process of going into voluntary administration as they try to sort out debts of up to 85million euros.
Serra Ferrer coached the club for eight years from 1985 to 1993, where he made his name before going on to manage Real Betis, Greek side AEK Athens and also a spell at Catalan giants Barcelona.
Mallorca proved a surprise package in La Liga last term, only missing out on a UEFA Champions League place on the final day of the season to Sevilla to finish fifth, and they will now compete in the Europa League.
The 53-year-old takes over the shareholding of Mateu Alemany, who took charge in 2008 and was searching for investors, with a fee rumoured to be around 2million euros.
It is thought that Serra Ferrer will immediately look to appoint a new manager at the club, with Danish legend Michael Laudrup rumoured to be favourite to fill the post left by Gragario Manzano at the end of last season.
"We are taking up this option to buy," Serra Ferrer told the club's official website.
"The first thing to do is thank the people who thought similarly about trying to make Mallorca viable in sporting, economic and social terms."
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