Dundee have come out of administration, with the running of the First Division club passing to a newly installed seven-man board.
Administrator Bryan Jackson took control with the club £2m in debt, after which they were docked 25 points.
New chairman Stuart Murphy said: "We've come a long way since those dark days back in October.
"And we are now looking to an exciting era with players, staff, businesses and the wider community pulling together."
Dundee not only managed to avoid relegation despite the points penalty imposed by the Scottish Football League but went on a long unbeaten run.
Despite being banned from signing players and having to draft in short-term trialists to bolster their squad, they would have ended the season only a point behind champions Dunfermline Athletic had it not been for that punishment.
And manager Barry Smith, who was recalled from his loan spell with Brechin to succeed the dismissed Gordon Chisholm in October, this week agreed in principle a three-year contract that can be signed now that the club is out of administration.
Dundee chief executive
“The administration period has been painful for everyone connected with the club and we can never forget that people lost jobs and money as a result”
After the relevant paperwork was lodged at the Court of Session in Edinburgh, Jackson handed power to Murphy and his board - chief executive Harry MacLean and directors Jim Thomson, Mark Gallacher, Steve Martin, Scott Glenday and Maurice Kidd.
It contains representatives of the Dundee FC Supporters' Society and Dark Blues Business Trust and MacLean said that the support of those fans groups, together with external investment and club activities, had ensured the club's survival during the last seven months.
"The administration period has been painful for everyone connected with the club and we can never forget that people lost jobs and money as a result of what happened," he told the club's website.
"We cannot change the past, however, and we must now look to the future and begin a new chapter in the history of Dundee FC.
"We would not have had any kind of future to look forward to without the magnificent efforts of the players, staff, management and fans and we thank everyone who helped us get to here.
"We will do all we can to support Barry Smith in his efforts to build a team to be proud of but are acutely aware that the future of the club can never be jeopardised again.
"Sustainability and transparency may not be the most exciting words in the footballing vocabulary, but they will be at the heart of this club from now on.
"What is clear from all of the discussions that we have had is that we cannot simply copy what has gone on at other clubs but that we need to write a new way of doing things with the help of the whole community."
A creditors' voluntary arrangement had been agreed in March to allow Jackson to begin the process of coming out of administration and he has passed on his best wishes to the club.
"Whilst there still remains work to be done in relation to the CVA, today effectively sees the rebirth of Dundee FC," he added.
"The club and its management will now be in control of their destiny and it is because of their support and enormous effort that we are where we are today."