Mel Bush has completed his takeover of Weymouth after buying previous owner Martyn Harrison's shares.
Bush has completed his takeover of Weymouth
Music promoter Bush, who is the father-in-law of Terras manager Jason Tindall, had been in negotiations with Harrison for four weeks.
Harrison has quit as chairman while the other directors, with the exception of Nigel Beckett, have also resigned.
"I thank the staff, players, supporters and sponsors who have been here through thick and thin," Harrison said.
"The club's debts were very significant, even before my time at the Wessex Stadium," he added in a statement on the club website.
"As a consequence, potential buyers were not prepared to take on the club in its current form.
The immediate future is to stabilise the club, sign players and plan for pre-season training
"I felt it was incumbent on me therefore, to ensure the loans and debts were cleared to five the new owner every opportunity of success."
Weymouth were promoted to the Conference a year ago, but financial problems forced Harrison to restructure the club in January - sacking manager Garry Hill and his assistant Kevin Hales and installing Tindall as player-boss, while more than a dozen senior players left.
However, Tindall guided them to 11th place in the table.
The statement added that Bush's "main concern has always been to take Weymouth Football Club forward in a positive way that is best for the players, the fans, and the community, very much a collective responsibility."
Critchell has signed a two-year contract with Weymouth
"The immediate future is to stabilise the club, sign players and plan for pre-season training and get the confidence of everybody to help the club become successful."
The first of those signings - Weymouth-born Wales Under-21 midfielder Kyle Critchell - was unveiled at the news conference at which the takeover was announced.
The 20-year-old, who can also play in defence, spent the second half of last season with Chesterfield after joining them from Southampton.
Weymouth have said that he turned down offers from Dagenham & Redbridge, Torquay, Colchester and Shrewsbury in order to join his home town club.