Cardiff Devils owner Paul Ragan has taken over the ownership of Elite League side Sheffield Steelers from the Phillips family in a £90,000 deal.

Bob and Maraini Phillips have been looking to sell the club since July.

Ragan said: "Sheffield Steelers, much like the Devils, have enjoyed mammoth success in the British game.

"My intention is to provide this great club with the organisation and commercial processes it needs to return to the glory days."

Bob Phillips, who took over Sheffield in 2005 and used to own Cardiff in the Superleague era, decided to sell the Steelers after what he called a spate of "bad press" earlier this year, following the departure of his management and coaching staff.

Ragan is known on a national level after featuring twice on the Channel 4 programme The Secret Millionaire, when he went undercover to find worthy families to help and support in Derby.

"I am an entrepreneur at heart and my speciality is acquisition, fast growth and returning companies to profit," added Ragan.

"My focus at Cardiff has been to stabilise, structure and develop the commercial side of the business, whilst giving our head coach the best possible chance to bring on-ice success to the club.

"Since becoming involved in British ice hockey through the Devils, I have become aware of the passion, pride and power of the fans and the clubs they follow."

Steelers general manager Maraini Phillips said: "There has been an enormous amount of hard work put in by the team here, particularly for the upcoming Boxing Day game.

"Ticket sales are already in excess of 4,500 and for the club to have a fresh start this is the best possible time to do the hand over.

"I would like to thank all the sponsors, supporters and players who have given me and the team their full support as we worked to make the business a success.

"I would particularly like to thank head coach Ben Simon for his hard work, dedication and support."

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