THE Pegasus Sport and Social Club has been bought by a consortium of Malaysian businessmen.
A deal taking the popular club, which sits in 22-acres of land at the end of Herd Lane, Corringham, was completed last week.
The site will now be called the Pegasus Country Club, but the club will not be turned into a hotel as previously thought.
New owners are expected to reveal their plans for the site in the coming days.
The popular sports club had been part of the Coryton oil refinery complex, owned by Swiss-based firm Petroplus and has traditionally been a club for workers at the refinery site.
But when the refinery closed two years ago - after Petroplus went into administration - the club was put up for sale by administrators Pricewaterhouse Cooper.
Its future has been shrouded in mystery ever since.
Now - more than 18 months after the refinery was purchased by a consortium led by Vopak to turn it into a fuel storage and distribution terminal, a deal for the club has been completed.
PwC confirmed that the Peg was the last asset left to be sold following the closure of the refinery in June 2012.
A statement on the Pegasus club's website said: "The land and buildings at the Pegasus club have been sold.
"The new owner has named it, Pegasus Country Club Ltd."
The club ceased trading three weeks ago after the lease expired on it.