American lawyer and Cambridge United shareholder Adam Webb will arrive in Scotland early next week to become the new owner of St Johnstone.
An agreement was struck earlier this year for Webb to buy Geoff Brown’s shares at McDiarmid Park and all aspects of that deal have now been finalised.
The takeover had to be approved by the EFL and SFA – due to Webb’s 10 per cent stake in Cambridge United – with the green light coming last month.
Geoff Brown – who bought Saints in 1986 – announced he was selling his majority shareholding in December 2022, around the same time his son Steve stood down as chair.
The Brown family have held a majority shareholding in the club for almost four decades, with 81-year-old Geoff sanctioning a move from Muirton Park to their current home of McDiarmid Park shortly after taking control in the 1980s.
As well as moving to a new stadium, St Johnstone won their first three major trophies, competed in European football and enjoyed their longest top-flight stint under the Browns.
When putting the club up for sale, Brown said “net proceeds” from the deal would be put towards building a community hub for the St Johnstone community trust.
Other American owners in Scotland
The deal will see St Johnstone become the fourth top-flight club under US ownership.
Hibernian are owned by the Gordon family, with the late Ron Gordon acquiring a majority shareholding in 2019. Another American, Bill Foley, owns 25 per cent of the club after his investment was approved in March.
Dundee are owned by American businessman Tim Keyes, while city rivals Dundee United are owned by Mark Ogren.
Motherwell are also in talks with US investors – however that deal has not yet been completed.