Bradford City have wiped out most of their remaining debts following an investment from businessman Mark Lawn.
The 46-year-old takes the position of joint chairman with Julian Rhodes, who has been chairman since completing his takeover of the club in December 2004.
"We've got rid of all the debts apart from a small overdraft facility," Rhodes told the club website.
"This last five years has been all about reaching this solvent state, and we are finally there."
The Bantams will be in League Two next season after a disappointing 2006/07 campaign saw them relegated.
Rhodes added: "It doesn't mean there's going to be millions of pounds chucked at the team, but Mark's involvement will help tremendously because we now have two people supporting the club financially.
"Mark is an avid Bradford City fan who, by his own admission, isn't in this to make money."