Aviva Premiership team Gloucester Rugby has announced that businessman Martin St Quinton has taken 100 per cent control of the club.

St Quinton originally acquired a 25 per cent stake in the club in October 2008 for just over £3m (US$4.3m, €3.9m). He has now purchased the remaining shares from majority owners, the Walkinshaw family, who took over in 1997.

Last April, it emerged that Gloucester Rugby has been put up for sale for £25m (US$36.2m, €32.4m), but St Quinton said the club was now “on the verge of an exciting new era”.

“We are in the privileged position of owning our own ground, have magnificent training facilities, our coaching set-up and playing squad are both first class and we have the best supporters in the country,” he said.

“The challenge now is for us to realise our undoubted potential and regain our position at the forefront of the club game, and I’ll be working very closely with [chief executive] Stephen Vaughan and [director of rugby] David Humphreys to ensure that Gloucester Rugby achieves that goal.”

St Quinton will become chair of the Kingsholm-based club, having previously been vice-chair. In addition to his involvement with the club, he was chair of the fundraising group that raised £50m (US$72.4m, €64.7m) for the recent redevelopment of the nearby Cheltenham Racecourse, and has previously sat on the board at Hull City Football Club.

Gloucester Rugby is currently eighth in the Aviva Premiership.