Plymouth have been taken over by a consortium of local and international businesses that plan to bring Premier League football to Home Park within five years.
Former Manchester United chairman Sir Roy Gardner will front the deal and has become the Pilgrims' new chairman as of Thursday morning.
Gardner is joined by local businessman Keith Todd and Japanese company the Kagami Group who increased their holding in the club to 38 per cent after they initially bought into the club in April 2008.
The future now looks extremely exciting for Pilgrims fans with the consortium looking to expand the club as a brand and develop links with academies in Japan and the USA.
Plans to expand the stadium to 25,000 are also afoot with a new youth academy also in the pipeline, while the new owners have targeted top-flight football in the next five years.
"I am delighted that we have now concluded this new partnership deal that brings together considerable global and local business experience," former director and now vice-chairman Paul Stapleton told the club's official website.
"I am particularly delighted that Sir Roy has agreed to take on the chairmanship role. His business and football experience will be invaluable to the club."
Gardner, who sat at the Old Trafford helm between 2003 and 2005 before the Glazer takeover, was pleased to be getting back into football.
"I am delighted to have the opportunity to lead the club forward and build on the past decade of progress at the club under Paul Stapleton's leadership, and the considerable efforts and support of current and past directors and fans," he said.
Sturrock backing
Gardner also confirmed that manager Paul Sturrock would not be replaced adding that the Scot had the full support of the new board.
"The priority next season is stabilisation and laying good foundations for the future," he added.
"Paul Sturrock is the right man to do this on the football field and take the club forward.
"We are working with Paul to consolidate the squad in the pre-season. As we develop a better understanding of the club's precise needs, we plan to progressively increase the budget for new players, in particular as we grow the commercial income."