The club said it would stay at the County Ground

The club said the consortium included long-time owner the Wills family, their advisor and club general manager Mike Diamandis, and a new investor.

The consortium said it had attracted "significant investment" and will now begin due diligence with a view to taking over within two months.

The backers said they have enough money to deal with financial problems and to look to the long-term.

When Swindon Town FC came out of administration in 2002, it agreed to pay �1m within five years to creditors.

The consortium will bring to the club an added dimension that will secure and enhance the standard of football at the County Ground Bob Holt

It still owes around �900,000 and creditors would all now be contacted, the club said.

Last December, a fans' consortium backed by former QPR chairman Bill Power tabled a formal application to take control of the troubled club.

Director Bob Holt said: "This is fantastic news for all the loyal supporters of Swindon Town.

"It has been difficult to secure and attract new investment particularly when there has been such negative press in the local media," said Holt.

'Dynamic' changes

He added that the club was now hoping to make it into the Championship, and would stay at their current ground.

"The consortium has the support of Paul Sturrock and his team, and will bring to the club an added dimension that will both secure and enhance the standard of football at the County Ground.

"It has been a long time coming but the board feel they have at last found the solution that will disperse forever the 'dark financial clouds' that have for too long hung over ground," he added.

If approved, "dynamic" changes are expected in the structure and make-up of the board and off-field management team.