WIMBORNE Town have new owners.

The club confirmed an agreement has been reached for Lee Merrifield, Martin Higgins and Adam Tovey to acquire a majority stake from Tony Grant, Graham Bell and Ken Stewart.

Merrifield, Higgins and Tovey all work together at MSP Capital Ltd in Poole, the same property finance company who last year became Cherries' new front-of-shirt sponsor and principal partner.

And the trio have pledged to immediately commit funds to boost the playing budget of the struggling Magpies.

Wimborne have endured a wretched season so far in Southern Premier South.

James Stokoe's charges sit bottom of the table, with just seven points from their 16 matches. They have won just once and are 12 points from safety, albeit with games in hand on all the sides above them in the relegation battle.

Wimborne also saw their FA Trophy run ended at the weekend with a disappointing 2-1 home reverse against lower league Larkhall Athletic.

The club say the current directors will "remain involved" and form part of a new-look board alongside the new owners. That will include Steve Rimmington, Dan Whitcher and John Edwards.

The Magpies statement also insists the current management team of Stokoe and assistant Mark Gamble "remain very much part of the club's plans".

The new owners are focused both on boosting the club's chances of survival this season, as well as maximising the potential of the facilities at New Cuthbury.

It has also been described as a "medium-term project" which would not be derailed by relegation.

Discussing the takeover, Merrifield said: "We’re delighted to have reached agreement with the current main shareholders to acquire the club.

"I’d like to place on record my thanks to Tony, Graham & Ken who have been very open during the purchase process – reinforcing what I’ve always known about them in that they only want what’s best for the club.

"The three of them together with Tony’s wife Val and many others, have worked tirelessly over the last few years to help deliver our new stadium.

"But they understand that renewed effort is required to capitalise on the commercial opportunities and that’s where we believe we can help.

"We’re looking forward to the challenge and can’t wait to get started."

Wimborne have instantly bolstered their squad, signing midfield Xander McBurnie on loan from Weymouth.

Magpies return to Southern League action away at Gosport Borough on Wednesday evening.