St Albans City Football Club has confirmed local businessmen Lawrence Levy and John McGowan as its new owners in deal for an undisclosed fee.
The club, who finished rock bottom of the Blue Square Bet South division, suffered a 10 points deduction having suffered financial difficulties.
Commenting on the takeover, Lawrence said: "We are delighted to have bought St Albans City Football Club from John Gibson and are really looking forward to re-building it with the support of the fans and the local community.
"John McGowan and I have big plans for the future and believe that The Saints will once again be the club that St Albans deserves. We would like to thank John Gibson and to pay tribute to him for all his hard work and enthusiasm for the club over the last nine years.
"We also look forward to drawing a line under the recent history and taking the club forward."
McGowan added: "Lawrence and I are here for the long term and we are investing in the future of the club.
"We want to work with the supporters and will be talking to them over the coming weeks and months to ensure that they are happy with the changes."
St Albans will play in the Ryman League Premier Division next season.