Accrington Stanley have accepted investment from local businessman Andy Holt to clear £1.2m of debt and take a controlling stake in the club.
Shareholders voted to accept a proposal that will see Holt become a director and provide £600,000 of extra funds.
Holt, whose company What More UK sponsor Accrington's Wham Stadium, will take on 75% of the shares.
Peter Marsden will remain as chairman, with a new board of five members to be confirmed by the League Two club.
"The big thing is clearing the debt," 51-year-old Holt told the club website.
"This way it is squared off and we can look at ground improvements, growing revenue and increasing the crowds. It won't happen overnight but we are putting plans in place.
"This club needs help and we are in a position to help so why not? It will be good fun."
The deal is still subject to clearance from the Football League.