• China firm Ledman Group buys the 100% stake of Newcastle Jets.

China firm Ledman Group buys the 100% stake of Newcastle Jets. (Photo : Getty Images)

Chinese business firm Ledman Group bought the 100 percent stake of A-League club Newcastle Jets FC from the Football Federation Australia on Tuesday, recent reports said.

The China-based conglomerate, a leading high-tech LED signage manufacturer with a net worth of over $1 billion, are now the sole owners of the Australian first division squad, who had been through financial problems before it was bought by the FFA from former owner Nathan Tinkler in May 2015.

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"We see a bright future for football across Asia and the Hyundai A-League is at the forefront as one of the top professional leagues in the region," Ledman chairman Martin Lee said, as per The Guardian. "The investment aligns with Ledman's activities in several sectors of the sports industry and I'm excited by the potential of the club. In the coming months we will announce ways in which the community, and especially club members, can have a regular say in the running of the Jets."

Lee also said that the new owners will proclaim a new board that will be composed of "a minimum of two local directors".

"All existing agreements with Jets staff, sponsors, suppliers, and the community at large will be honored in full following the formal handover from FFA to Ledman," he added.

Lee also said that their group is planning to bring the Jets to China in August of this year and play a couple of exhibition matches against still unnamed local squads. He further noted that the team's "short-term goal" at the moment is to qualify for the AFC Champions League in three years.

The company has also appointed Former Central Coast coach and executive, Lawrie McKinna, as the club's new chief executive officer. He replaces interim CEO David Eland when Ledman officially takes over at the end of the month.

"I am excited to be taking up the challenge and look forward to engaging in meaningful dialogue with Jets members and supporters soon, as we seek to take the club from strength to strength," McKinna told ABC News. "I was a player, albeit briefly, with Newcastle Breakers in the National Soccer League and, like many people, have long recognized the enormous potential that exists for professional football in Newcastle."

"With Ledman's backing, combined with the continued support of our local and national stakeholders, I feel that we can build something big here in the Hunter," he added.