Businessman Marcus Evans has completed his takeover of Ipswich after a huge majority of shareholders voted to approve his purchase of the club.
Evans, who now has an 87.5% stake in the club, has made changes to the board of directors with Martin Pitcher, Ian Milne and Jonathan Symonds all joining.
He will take on Ipswich's £32m debt while also giving manager Jim Magilton money to spend on new players.
"He's committing serious resources," said chairman David Sheepshanks.
"Marcus is taking all the risk in our pursuit of Premiership football and increasing success."
Sheepshanks will remain on the board along with chief executive Derek Bowden and Kevin Beeston, while the new members of the board are all senior figures in Evans's company.
"We are delighted to have Marcus Evans' tremendous support behind us - and I want to publicly thank him for his belief in, and commitment to, Ipswich Town Football Club," added Sheepshanks.
"This deal is indicative of the changing face of football now, with clubs needing investment to try to compete on an even footing.
"We believe Marcus Evans' investment provides the best opportunity for this football club to move forward, return to the Premier League and stay there."