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The initial investment is being made by a Milan-based business consortium backed by French interests.
The auction attracted bids from a consortium backed by Goldman Sachs, an American investment bank.
It handily beat out a consortium backed by Rail India, the empire-building bit of India's state railways.
Abu Dhabi United Group, a Middle-Eastern consortium backed by oil-rich royals, will pay $360m for the club, quite an improvement on the $165m paid in 2007.
But the alternative to BDB is a weaker consortium backed by CableTel, an indebted American cable operator, and United News & Media, Britain's third commercial broadcaster.
"The Linux momentum continues to be strong," said Stuart Cohen, chief executive of the Open Source Development Lab, a corporate consortium backed by Linux supporters, including I.B.M.
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Ofcom awarded the local TV licence for the UK's second largest city to local player City TV Broadcasting in November 2012, rejecting high-profile consortiums backed by heavyweights including former BBC Trust chairman Sir Michael Lyons.
The consortium was backed by the Russian state-controlled bank Sberbank.
Set up by the British Retail Consortium and backed by the government, Pass is due to be launched a fortnight today, with Hurlston as chairman.
American tycoon Bill Miller and Bill Ng, a Singaporean businessman, are rival bidders while former Rangers director Paul Murray's Blue Knights consortium, originally backed by Kennedy, have stepped aside to help facilitate what they hope will be a quick deal with any of the other bidders in order to save the club from liquidation.
Buttivant's consortium is backed by Guardian Managers Ltd, a London-based fund management company.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com