Truro City have been taken over by businessmen Pete Masters and Philip Perryman, Kate Breese of administrators Walsh Taylor has confirmed.
Masters runs a Truro nightclub while Perryman owns a taxi firm in the city.
The Blue Square Bet South side's short-term future
The club now hopes to secure a Company Voluntary Arrangement (CVA) which would see it exit administration and have its transfer embargo lifted.
"We are pleased that we have now completed the purchase of Truro City FC," said Masters. "It has been a long past few weeks but all of the efforts put in by everyone involved has been tireless and has culminated in the completion of the purchase of the club.
"We can all now look forward as opposed to looking back trying to rectify the issues that the club has accumulated in the past.
"This is our new start and we are excited for the club because the financial troubles that the club has had in the past can now be forgotten.
"There is still a lot of hard work to be done in terms of concluding a CVA so that the regulatory requirements can be completed so as to comply with Football Conference rules and we still need the support of the creditors in this respect.
"But the club is now under our control so that we can work towards a more certain future."
Administrator Breese added: "The players and staff have had a lot of uncertainty and I hope that the support that they have shown for the club will pay off for them now that the club has been sold.
"I would like to pay particular note to the efforts of Lee Hodges as manager, who has been another crucial member of staff in keeping the players together over a very difficult period, and Tracey Finemore, who has given a fantastic effort as club secretary to assist with day-to-day running of the club whilst in administration."