Finalisation is expected within the next few weeks with completion of formal legal documentation.

Bianco had advised FFA in late February that he wished to withdraw his investment in the club due to external business reasons.

FFA chief executive officer Ben Buckley said it would assume control over Adelaide United players' contractual arrangements and staff employment contracts as well as club operating costs.

"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," Buckley said.

"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."

The move comes after the FFA took a significant stake in the recently renamed Brisbane Roar to ease financial problems there, and a lengthy stint as the owner of Perth Glory until current boss Tony Sage and his former partners took charge.

New FFA operations boss Archie Fraser has said the move will give the FFA a better understanding of how clubs face up to the rigours of everyday management, especially in the current economic climate, and allow them to help other clubs better in future.