Irish property developer Anthony McMullen has bought a 50% stake in Scottish club Livingston.
The McMullen Group will invest about £2m in the club over the next three years, adding to an investment from West Lothian businessman Ged Nixon.
McMullen was recently linked with a move to buy Gretna when the relegated SPL club went into administration.
Flynn told BBC Scotland: "We are delighted to welcome Anthony and Ged on board at Livingston FC."
Flynn was close to agreeing a takeover deal last month with an Italian consortium who wanted to take over at the First Division club.
"We said late last year that we were interested in attracting new investment into Livingston, and today's announcement results directly from the search we began at that time," said Flynn.
"Anthony McMullen is one of the brightest young entrepreneurs to emerge in Ireland in recent years.
"He has creative and commercially-minded ideas about building on the revenue base of the business as a whole, with the aim not only of securing Livingston's future as a senior club."
Flynn added: "He also wants to restore the club to the Scottish Premier League, and staying there."
Former Powderhall owner Eddie Ramsay failed with an investment bid that would have introduced greyhound racing at Almondvale Stadium.
McMullen was also interested in taking over at at crisis-hit Rotherham United, who went into administration in February.
Speaking about his investment in Livingston, McMullen said: "You don't just buy a club, you build a club.
"I'm coming on board because I want to build Livingston into one of the top clubs in the SPL.
"To achieve this we need to ensure that the correct foundations are in place, and we shall be doing this both on and off the field."
Flynn also said he would review Mark Proctor's position as manager during the summer following a disapointing season.
Proctor has been linked with a move to join up with his old boss Tony Mowbray at West Brom should the Baggies be promoted to the English Premier League.
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