Russian billionaire David Traktovenko is set to take a majority stake in Sydney FC, the A-League club announced on Friday.
Traktovenko, a foundation shareholder, will reportedly own more than 90 per cent of the club, with fellow billionaires Frank Lowy and Paul Ramsay drastically scaling back their involvement with the club.
As a result of the changes, Sydney said long-term board member and vice chairman Scott Barlow would take on the role of chairman.
"We are pleased to now be in a position to increase our shareholding and fund the club into the future," Barlow said.
"We have been a shareholder in Sydney FC since day one and our passion and commitment to the club is as strong as ever."
The club said it would announce further changes to the composition of the board soon.
It said Ramsay and Lowy, who reportedly held 37 and 15 per cent shares respectively, would retain shares "but will not participate in future capital raisings."
Traktovenko is a former owner Russian champions Zenit St Petersburg.