A consortium of Australian entrepreneurs has acquired a 51 per cent stake in Italian third division club Reggina Calcio, reports www.sportspromedia.com/. Reggina's president, Pasquale Foti, confirmed at a press conference the sale of a majority of the share capital of the club to the group, who are of Calabrian origin and led by Nick Scali - the founder of Australian company Nick Scali Furniture. The consortium stepped in after Reggina were put up for sale due to recent financial struggles.

Foti said: "I tried in every way to find the forces in the area to revive the club, but I did not have any response. At this point, thanks to my contacts, I started negotiations with these Italo-Australian entrepreneurs, originally from Calabria, who have strong links to the territory.

"There was an offer to acquire 51 per cent of the share capital of Reggina; an offer that I thought was acceptable, together with a project to relaunch the Reggina brand.

"The operation, with regard to the purchase of shares of the majority, is already agreed to. In simple words, the figure paid by the group means that Reggina will not have any problems in fulfilling any of its financial commitments for the 2014/2015 season."

Reggina currently play in the Lega Pro, the third highest professional soccer division in Italy, and are seeking promotion to Serie B.