Greenock Morton are now officially a community owned club, with the Rae family ending their 20-year ownership of the Scottish Championship team.
Outgoing chairman Crawford Rae's Golden Casket confectionary company has gifted fan membership organisation Morton Club Together its majority shareholding.
The deal means Morton's stadium, Cappielow Park, remains in the football club's hands and its debts are cleared.
Rae said MCT's "vision" was "the best option for future success".
The businessman, whose father, Douglas, had stepped in to save the club from liquidation in 2001, stated: "There is no better legacy for the Rae family than to afford the fans the opportunity of community ownership, which is why we decided to gift MCT our majority shareholding as opposed to selling to a third party.
"The supporters have dreamt of community ownership for many years. However, until MCT came along, we honestly did not see this becoming a reality."
Rae said the 20 years at the club had "been a rollercoaster of emotions for every member" of his family and they would remain "forever Morton supporters".
MCT, which was set up in April 2019 and has 850 members, goes from having a 15% shareholding to now holding just under 90% of club shares.
It has contributed £10,000 per month this season - and last - "alongside countless hours of voluntary time" - to convince the Rae family that community ownership is viable.
MCT founder Graham McLennan said: "We could say that we are now just arriving at the starting line of a new era, with an exciting journey ahead.
"By sticking together and continuing to welcome new members into MCT, I am confident that what Morton will achieve is potentially incredible."
Morton have essentially been operating as community owned since 1 June, but official legal documents have now been signed.
Day-to-day operations will continue to be overseen by general manager Chris Ross, who has already been working with the new board since joining the club in August.
McLennan and fellow MCT founder Gordon Ritchie were already on the club board and have been joined by Stewart Farmer and Graham Barr, with Nick Robinson and Alex Gray remaining on the board from the previous administration.
Gus MacPherson's side, who he steered clear of relegation via the play-offs last season after taking over in March, currently sit eighth in the 10-team Championship table.