Kenny Moyes, (brother of Everton manager David), has saved the Reds from going out of business according to Soccerage and the Independent.
Moyes is a former footballer, who has a property business in Glasgow and has strong links with Iceland's business community.
The £300,000 needed to pay its wage bill was pledged on Tuesday, just beating a deadline which, if missed, would have seen us expelled from the Football League.
Moyes' Icelandic consortium came up with the cash, and will also buy up Peter Doyle's shares though the former Mayor will retain a significant holding.
Former Stoke City manager Gudjon Thordarson will be involved in the management team, together with ex-Reds legend Ronnie Glavin, who is currently manager of Unibond side Wakefield and Emley.