A FOREIGN investor is set to plough millions of pounds into the County Ground to save Swindon Town from financial ruin.

The club revealed yesterday they have attracted "significant investment" that will see a new consortium take over within the next eight weeks, and "disperse forever the dark financial clouds" hanging over the County Ground.

The Swindon Advertiser understands a foreign businesman is leading the bid, with promises to clear the £900,000 Company Voluntary Arrangement bill, pay off other remaining debts and provide a substantial transfer kitty.

"Dynamic changes" to the structure and make-up of the Town board have been promised in the statement, although it is unclear about the future of board members Mike Diamandis and the Wills family.

It is understood the current incumbents will stay involved but take a back seat with the new major investor taking over the reigns, although the club were unavailable for futher comment last night With a £900,000 CVAbill hanging over their heads, with Saturday's final payment deadline passed, it is hoped yesterday's news will save Town from a potential winding-up order.

CVA supervisor Andrew Andronikou was writing to the club's creditors in the light of yesterday's revelations and will be hoping to relay some good news in the near future.

The Swindon Advertiser tried without success to contact Andronikou yesterday but understands he is confident of buying the club more time for repayments.

While yesterday's statement still leaves many questions unanswered, including any plans to move away from the County Ground and the identity of the new consortium, Town fans have given the news a cautious welcome.

Swindon Borough Council, one of the club's creditors, have welcomed news of the new consortium and are waiting for a letter detailing the plans with interest.

Coun Phil Young said: "At this stage all we can say is we are very interested in seeing this letter and looking at the way forward.

"If there is a new consortium coming forward it is only good news as we want the club secured so we welcome any move forward."