The future of National League club Gateshead looks to have been secured following the completion of a takeover by a US private investment group.

Flacks Group, who specialise in purchasing distressed companies and assets, will become the new owners subject to approval from the Independent Football Regulator.

The takeover had previously looked close to collapse when the group revealed an issue with a third party, Shoreline Limited, who had previously attempted to buy the Tyneside club.

Co-owner and director Mark Nellist withdrew his funding at the end of September and players and staff were late having salaries paid for that month and for October and there were also serious HMRC debts outstanding.

However, concerns for the immediate survival of the club have been eased by the takeover news.

"Exciting times lie ahead as we learn of Flacks Group's plans for the club and seek to turn a disappointing start to the season around with the appointment of a new manager," said interim chairman Graham Wood.

"Staff and players have now been paid and funds are in place to satisfy HMRC and other creditors."