Torquay United owner Mike Bateson has finally completed the sale of the Devon club to an eight-person consortium headed by Cris Boyce.
Boyce's group have now acquired the 51% shareholding in the club previously held by Bateson and his wife.
Boyce and fellow consortium member Simon Baker said: "We are thrilled by this opportunity and look forward to revitalising Torquay United."
But boss Leroy Rosenior's second spell as manager is now expected to end.
Rosenior's return to Plainmoor was announced at a news conference on 17 May, and he was due to officially take over on 1 July.
However, 10 minutes later, he was informed by Bateson that the sale was set to go through.
"I've been told that a new consortium is coming in, they're bringing their own people and I won't have anything to do with it," Rosenior said at the time.
The Gulls will start next season in the Conference after their relegation from the Football League.