 In July 1984 the club was sold to a Californian attorney, making Tranmere one of the first English clubs bought by a foreign owner.Nonetheless, in 1987 the club went into administration, with local businessman Peter Johnson taking over control and ownership.This proved to be a turning point in Tranmere's history, the club under his ownership enjoying by far the most successful period in its history, in which manager John King took the team from the bottom of Division Four to the brink of English football's top league.