Livingston will not start next season's Scottish Premier League campaign minus 10 points after finally coming out of administration on Friday evening.
Pearse Flynn's takeover of Livi is now complete
The news that the Lionheart consortium's takeover was complete was confirmed by administrators Kroll.
"Finally we have the news the fans, players, staff and everyone at the club have been waiting for," said Lionheart chairman Pearse Flynn.
"This has been an extraordinary year, difficult for everyone."
Livingston have been in administration for 15 months and are battling relegation, though they look likely to beat the drop.
"(It's been) a year which has proved Livingston's resilience and our determination to see the deal through," added Flynn.
"When Lionheart offered to manage the club and associated businesses while the administrator finished his job, we were convinced that it would be worth it to stick with Livingston as a club with great fans and a great future."
There was further good news for the club in the shape of a further year's backing from the club's main sponsor, Intelligent Finance.