South Wales Scorpions will have new owners for the 2016 season after Wales Rugby League and the Rugby Football League approved the takeover of the club.
Wales Rugby League took control of the club, founded in 2009, after original owner and founder Phil Davies relinquished control in late 2013.
The sport's national governing body sought new owners in August.
The club will be jointly run by Marc Lovering and Neil Williams.
Lovering has been working at the Rugby Football League for the past 15 months and is currently the chairman of Halifax-based community club Siddal.
Williams has been Scorpions team manager this season having performed a similar role for Wales Academy.
"We are at the start of what I am sure will be a very exciting journey," Lovering said.
The club has also appointed former Scorpions and Wales player Phil Carleton as the new head coach, replacing Mike Grady who parted company with the League One side last week.
The 31-year old has spent the last year as head coach of Welsh Conference side Cardiff City RL.
"It's an exciting time and has been a whirlwind of a week," he said. "I am obviously very honoured and feel it is a great privilege to be considered for such a role. My thanks go to Marc and Neil for the opportunity.
"It was hard to leave Cardiff City RL as they have been very good to me but the role of head coach at a semi-professional club was too good to turn down."
Carleton has named Chris Vitalini, who has rejoined Scorpions after a spell with local rivals Gloucestershire All Golds, as club captain.
Vitalini will be assisted in his role by new team captain Paul Emanuelli, who has signed on again for 2016.