Turkish businessman Ziya Eren has completed his takeover of League Two side Crawley Town.
The Football League had approved the deal on Tuesday after Eren passed their Owners and Directors Test.
Chairman Dave Pottinger, chief executive Michael Dunford, Ian Carter and Matt Turner have all resigned from Crawley's board of directors.
Eren had been in negotiations to buy the Reds, who were first put up for sale in March 2013, since October.
"We thank supporters for their patience during the sale process and we look forward to an exciting new era in the history of our club," a statement on the Crawley website said.
Eren, who is also involved in football in Turkey, is expected to issue a statement of his own on Thursday, but has set a target of reaching the Championship in eight to 10 years.
"The prospect of making this club fulfil its potential is an exciting challenge," he said last month.
"It has always been a desire to apply my football philosophy in England, the home of football.
"Over the past year, I have actively sought the right club. When we heard of the prospect of Crawley, I knew immediately it was the right choice."