Principal of Griffins Hilditch Lawyers, Greg Griffins, has become a part owner of the Adelaide A-League club.

Griffin joined a consortium including one of South Australia’s richest and most powerful men, Rob Gerard, medical identity Richard Noble and businessman Bruno Marveggio, to buy the club which had been without owners since last May.

The consortium has paid an undisclosed fee to Football Federation Australia (FFA), which had been in charge of the club while new owners were being sought.

Adelaide United lost about A$1.3m last year but Griffin told Fairfax Media he was bullish about reversing the club's financial fortunes with the support of Gerard. “We are not here to lose money, we're actually here to make it,” said Griffin, who has now been installed as United's new chairman.

United's chief executive Sam Ciccarello was immediately stood down by the new owners, who have signed a new license to run the club until 2020.

Gerard is a former Reserve Bank board member and renowned sporting philanthropist.