Confirming the handover at a media conference earlier today, Adelaide United CEO Ciccarello said: "The FFA will govern the operations of Adelaide United whilst it undertakes a search for new investors and a new owner.

"The FFA have stated their position which is quite clear, and that is that Adelaide United is a vital and important part of the Hyundai A-League, and that we will continue to be a contributor to the success of an evolving national competition.

"It is business as usual for us. The staff and management structure are in tact, and what will happen from here is that the FFA over the next week or two will approve an operating budget so we can continue our business as normal."

In receiving back the licence, FFA will officially take over financial ownership of the club until a new majority shareholder can be found, with finalisation of the take over expected within the next few weeks after the completion of formal legal documentation.

The FFA will act as custodians of the A-League Licence and will oversee the administration and governance of the club's operations while it undertakes the search for a new owner.

"Adelaide United has not only been a leading club in the Hyundai A-League but also the AFC Champions League competition with fantastic support from the South Australian community," said FFA CEO, Ben Buckley.

"We will ensure the club continues to have a strong presence in the competition now and into the future.

"We are confident that a suitable new owner for the club will be found, but we are also prepared to wait for the right new owner or owners."

Buckley said that FFA will assume Adelaide United players' contractual arrangements and staff employment contracts as well as club operating costs, while he also complimented Bianco's contribution to the club and the game in South Australia.

"I would like to thank Nick Bianco for his outstanding support of the Adelaide United Football Club over the past four years," he added.

"We also hope that Nick continues his involvement with football in Australia in the future."