London Welsh have confirmed that a petition presented to the High Court to have the club liquadated was dismissed.
The former Premiership club’s future was in doubt but now they will be able to fulfil their Championship fixtures.
“Coupled with this, the club is also delighted to announce the recent signing of a Sale and Purchase Agreement for the acquisition of the club by a major Californian based investment group, which is only subject to formal approval by the RFU,” London Welsh said via a press statement on Monday.
“The financial security which will be afforded the club as a result of this new investment will now enable it to plan for the future with confidence and renewed enthusiasm.”
London Welsh chairman, Bleddyn Phillips, stated: “We are thrilled and very excited to be able to announce the arrival of a new owner which will provide the club with the financial strength to sustain its ambition to be not only a competitive rugby team playing in the top tiers of the game in the United Kingdom, but, equally importantly, to consolidate and enhance its social, community and amateur based activities at its spiritual home at Old Deer Park.”
The club will be making no further comment at this time.