Cornish Pirates owner Dicky Evans is to leave the club after 20 years of involvement at the Mennaye.
The Kenya-based businessman will hand the club over to a new set of shareholders and a seven-strong board of directors on 1 July.
Evans will continue to sponsor the club, which has risen to the Championship under his tenure, for the next two years.
Evans previously said in October.
"Family, age, health, distance, weariness, frustration, other business commitments stacked up and brought me to the conclusion last September that I should resign and I did so but kept it amongst close colleagues initially," he said in a statement.
"We have reached the final stages and I sign over the shares this next week in Kernow Sport, to just over 70 new shareholders.
"They inherit the club in a considerably better position than it was in 1995 when I became seriously involved, as we have no debt and are in the top 24 teams in England. Long may it last.
"I have sold the business totally debt free for £1 and written off all loans to both the professional club and to the members club including numerous costs over the years associated with the upkeep of the clubhouse Westholme as well as the nursery training pitch sorted in the late 1990s.
"The Pirates will now move into an exciting new era with new ideas and new energy," he added.
Evans to assess the club last year and has been built capable of hosting Premiership rugby.