Kelvin Thomas has completed his takeover of Northampton.
Thomas becomes the new chief executive chairman of the League Two club, succeeding David Cardoza after purchasing his controlling stake.
Further changes will see Mike Wailing join the club as non-executive director, while Barry Hancock has stepped own as a director.
Thomas has paid the £166,000 owed to HM Revenue & Customs ahead of a winding-up petition hearing.
The club was set to face an administration petition brought by Northampton Borough Council on Friday but that is set to be adjourned after a memorandum of understanding between Thomas and the council over a £10.25 million loan to the club for redevelopment work at Sixfields Stadium.
A statement released by Northampton said: "We are pleased to confirm the purchase of the majority shareholding in Northampton Town Football Club by Northampton Town Ventures Limited.
Kelvin Thomas addressing the media here pic.twitter.com/4jViFKOfR8
- Northampton Town (@ntfc) November 26, 2015
"Following the signing of the Share Purchase Agreement late on Wednesday night Northampton Borough Council have agreed to seek an adjournment to their administration petition due to be heard on Friday.
"We also confirm HMRC has been paid in full by Northampton Town Ventures Limited and HMRC will be seeking to withdraw their liquidation petition on Monday.
"Following that withdrawal Northampton Town Football Club will work closely with Northampton Borough Council to complete the necessary paperwork to legally bind the signed Memorandum of Understanding and withdraw the adjourned administration petition.
"Kelvin Thomas will become the new executive chairman of Northampton Town Football Club and will be joined on the board by incoming director David Bower and non-executive Director Mike Wailing."
Thomas spoke of the "complicated and challenging transaction" in taking over from Cardoza and assured fans his consortium has the funds in place to take care of both the short and long-term needs of the club.
He said: ''After receiving the news that Northampton Borough Council made the strong decision on Tuesday to amend the repayment terms of the debt, which we are very thankful for, it has been full speed ahead to get the paperwork completed.
''This has been a very complicated and challenging transaction, however we are very excited about being in a position now to look forward rather than back.
''This is just the beginning as the real work begins now, although it is important to stress that we will not be rushing into making changes.
''The reality is the club are third in the league, in the second round of the FA Cup and the staff and players have been working wonders in the background. There are many positives to what is happening at the club right now and we will be looking to support this.
''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.
"We are lucky in that we already have a relationship with manager Chris Wilder and can only be complimentary of the job he has done since coming to the club, especially this season.
''We share Chris' desire and drive along with his staff and it was great to finally see a game on Tuesday night and to witness a powerful and professional performance from the players.
''We would like to thank David and Tony Cardoza for selling their shares to us. They have been a big part of the club for the last 12 years.''
Northampton's players and staff were not paid in October and last week the non-playing employees released a statement calling on Cardoza to sell to Thomas.
First-team manager Wilder, who worked under Thomas at Oxford, used his post-match interviews at Notts County last weekend to address the issue and Thomas insists all monies owed to staff will be settled next week.
''The staff at the club have been fantastic under extreme pressures over the last few months and it has been pleasing to confirm today that they will be paid in full next week following the withdrawal on Monday of the HMRC petition and the release of the bank account,'' he said.
Despite all the recent off-field troubles, Wilder has guided Northampton up to third place in the table with a six-match unbeaten run in League Two which includes five victories.