Another British football club came under Irish control yesterday when Dublin businessman Darragh MacAnthony acquired League Two minnows Peterborough United for a princely £1 from Barry Fry, a colourful character who previously managed the club.

Mr MacAnthony (31), who has made his fortune selling real estate around the world, said he has also assumed about £1.7 million (€2.5 million) in outstanding directors' loans, bank debts and overdrafts.

"The deal is all done and dusted now," Mr MacAnthony told The Irish Timesyesterday. "I'd wanted to get involved in buying a football club for about three years. Peterborough came up and I decided to jump in with both feet."

Peterborough plays in the bottom tier of league football in England but the Dubliner said he wants to make it a Premier League side within five years. This will require it to rise three rungs on the football league ladder. "The ultimate goal is to get into the Premier League," he said.

Mr MacAnthony has already invested more than £5 million (€7.4 million) in the club since last September, when he agreed in principle to buy cash-strapped Peterborough from Fry, who will remain a director of the club.

Domiciled in Switzerland, Mr MacAnthony has an estimated wealth of €225 million.

His company, MRI Overseas Property, sold about 11,000 units last year in 16 countries and has offices in Dublin and Belfast.

He also wholly owns a television station, Overseas Property TV, which is carried on Sky.

Mr MacAnthony was born in Dublin but moved to Marbella with his family when he was 15.