David Robertson has resigned as manager of Third Division Elgin City as the club found a new major shareholder and cleared their debts.
Kenny Black was assistant manager at Elgin City
Robertson's assistant Kenny Black has also left Borough Briggs after his bid to take the club over was thwarted.
Elgin's shirt sponsor - the Robertson Group - have payed out almost £300,000 to increased their holding to 55%.
Club captain Jamie McKenzie will be in charge of team selection for Saturday's game against Arbroath.
Former Aberdeen and Rangers defender Robertson joined Elgin in March 2003 but the Highlanders have made little impact since joining the senior ranks.
Black, and his wife, Cindi first made an offer of 20p per share back in August and he was confident of raising about 60% of the shareholding.
But the Blacks were apparently unaware of the number of shares available.
This allowed the Robertson Group to snap up a further 286,208 shares.
Black, who was also head of youth development at Elgin, said he would have made an offer for the shares bought by the Robertson Group, if he'd known they were up for grabs.
"I was not aware the shares were available, otherwise I would have done that myself several weeks ago," he told the P&J.
"We had been led to believe the shares had been frozen during this process but it appears that was not the case.
"Maybe this is a blessing in disguise. If this is how certain individuals work, perhaps I am better off away from it all."
Former Lossiemouth manager Graham Tatters has been named as Elgin's new chairman after joining the board this week.