St Albans City have been sold to two local businessmen following their relegation from the Blue Square Bet South this season.
Lawrence Levy and John McGowan have bought the club from John Gibson for an undisclosed sum.
"Had John McGowan and I not got involved, there is a strong possibility of it going into liquidation," Levy told BBC Three Counties Radio.
"There's an opportunity to bring the club back into the community."
The Saints were fined £7,500 and docked 10 points by the Football Association last season for alleged financial irregularities that occurred in the 2008/09 campaign.
Following their relegation, St Albans will play in either the Ryman Premier or Southern Premier next season.
Gibson leaves his role as chairman after nine years at the helm.