Motherwell owner Les Hutchison is to sell his majority shareholding in the club as the Steelmen move towards a fan-ownership model.
Hutchison is to sell his 76% shareholding to the fans group the 'Well Society for £1.
"With the fans nearly in full control, the onus will very much be on them and the wider community to stand by their club in the weeks, months and years ahead," Hutchison said.
"I'll be supporting from afar."
Hutchison has stepped down from his roles as director and vice-chairman, with Jim McMahon assuming the role of chairman and Douglas Dickie the role of vice-chairman.
John Boyle's controlling interest in the Fir Park club was transferred to retired businessman Hutchison in January 2015.
"I am extremely pleased at the great progress we have made both on and off the park," Hutchison continued.
"The new systems and processes now in place together with an excellent management team has ensured a successful turn around at the club.
"I would like to personally thank Mark McGhee and Alan Burrows for their huge contribution to the improvements at Fir Park.
"I would also like to thank everyone at Fir Park who adopted the many changes I introduced to create a solid foundation to build on and who worked tirelessly to advance the business plan during what was and is a transitional period.
"As well as thanking everyone who has joined and is contributing to the ' Well Society, I would also like to wish the extremely dedicated individuals who will now drive the club forward all the very best in their endeavours. I'll be supporting from afar."