Former Oxford United chairman Kelvin Thomas has completed his takeover of Northampton Town from David Cardoza.
Thomas, who has become executive chairman, has also paid the full £166,000 owed to HM Revenue & Customs ahead of a winding-up petition hearing.
On Friday, the League Two club will face an administration petition brought by the Borough Council, which is set to be adjourned.
Thomas takes over after Cardoza and father Anthony sold their stakes.
The consortium that has taken charge also includes David Bower, who becomes a director, and Mike Wailing, who becomes non-executive director, while both Cardozas and director Barry Hancock have left their roles.
Thomas also confirmed that staff, who were not paid by the club in October, would be paid in full next week.
A statement added that HMRC are also looking to withdraw their winding-up petition.
"We have the funds in place to take care of the short and long-term needs of the club which has been shown to both the council and the Football League, and we will be working hard over the next few months to understand the areas of investment required and then implement plans accordingly," said Thomas in a statement.
The administration petition has been lodged by Northampton Borough Council in a bid to give it more control over the club's future.
But, following a memorandum of understanding between Thomas and the council over a £10.25m loan to the club for redevelopment work at Sixfields Stadium, the local authority will ask for an adjournment at the hearing.
The deal would see the debt wiped out, with the council acquiring land near Sixfields for development in return.
The winding-up petition from HM Revenue & Customs over £166,000 in unpaid tax is set to be heard on 30 November.
Cardoza first said he was in talks to sell the Cobblers in June, revealing that an unnamed London-based Indian consortium was interested in buying the club, but that deal fell through three months later.
Meanwhile on Tuesday, Northamptonshire Police announced they had started an investigation into "alleged financial irregularities" surrounding the £10.25m loan to the club.
Despite the uncertainty off the pitch, the Cobblers are currently in the League Two automatic promotion places.