David Hilton has been appointed as the new chairman and owner of Scunthorpe United Football Club with immediate effect.
Formerly the chairman of Ilkeston Town, he replaces the outgoing owner Peter Swann, who had a ten-year period at the helm of the Iron.
Mr Hilton said: "I'm pleased to say the takeover has now been completed, and the deal includes the football club, stadium and surrounding land.
"The first job I've got to do over the next 48 hours is settle the winding up petition with the HMRC, which will help us get out of the transfer embargo we're under, so we can bring some bodies in and strengthen the squad.
"Any remaining debts will be eradicated in due course and we'll be looking to put the football club on a sustainable model as quickly as possible, while remaining competitive in whichever division we're in.
"I can also add, if there is to be any development in and around Glanford Park, it will be purely for the benefit of the football club and to help it move forward, not for personal gain.
"It's all been done very quickly, so there's a lot I need to digest but I fully intend to interact with supporters. I just need a little bit of time for the dust to settle so I can understand the business fully.
"I would like to thank everybody for the support that's been shown to me since the news started to come out, and I'm proud to be your chairman. I will give my all to help get this club back where it belongs."