The Melbourne Rebels Super Rugby franchise has been sold by the Australian Rugby Union and Victorian Rugby Union to Imperium Sports Management (ISM).

ISM is a company headed by Melbourne businessman Andrew Cox and Peter Sidwell, a former chairman of A-League club Melbourne Heart.

The ARU said Cox and Sidwell brought a combination of business and sports administration experience and had a proven track record of successfully transforming under-performing businesses and brand management.

As a result of the transaction, Melbourne Rebels CEO Peter Leahy has stepped aside with Cox assuming the managing director role immediately.