Bangor City have today announced that a consortium headed by Domenico Serafino have completed a deal to take control of the club from Vaughan Sports Management (VSM).
The takeover brings to an end a tumultuous spell under the stewardship of VSM, with the club suffering demotion from the top flight as well as having to fight numerous battles to avoid points deductions amid reports of troubling debts.
Serafino, a 52-year-old musician and producer, will replace Stephen Vaughan Jr. as Chairman, with the latter remaining in his role as First Team Manager.
The new investor had previous interest in the Citizens, with son Francesco, a forward, joining the club after a trial period in pre-season.
A statement on Bangor’s website read: “Domenico Serafino, along with a consortium of investors, has agreed a deal to buy Vaughan Sports Management’s (VSM) shares in Bangor City FC.
“The 52-year-old has been in negotiations for a few months with directors of the club and is the representative of a group of entrepreneurs who have been convinced by him to make a major investment in the club.
“Their vision is to bring the club back up to the Cymru Premier and give prestige again to the city of Bangor.”
The EUROGold Stadium side have made an encouraging start to the new Cymru North season, securing a win and a draw in their opening two games.
Commenting on his acquisition of the club, Serafino said: “When asked by the director of football Max Leghissa whether I would be interested in becoming involved in the club, it was something I immediately jumped at.
“Now there is lots of work to do and I have been lucky enough to persuade other investors to come and help with this project and to help try to restore the club to where it belongs.
“We have lots of work to do on and off the pitch and we have already started work behind the scenes to get stability back in the football club.”
The Citizens are back in action on Wednesday when they travel to face Conwy Borough in the Nathaniel MG Cup.
(Featured image: Wikimedia Commons)
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