Southern National League team Torquay United has been taken over by a group of local businessmen.
The Bryn Consortium completed the purchase of the financially struggling club.
The Seagulls was in administration after former owner Clarke Osborne said in February that he and his partners could no longer finance the club.
Torquay had 10 points deducted in March and ended the season in 18th place in the sixth division.
Last week, the Bryn Consortium of Michael Westcott, Tom Allen, Mark Bowes-Cavanagh, Rob Hawes and Simon Robinson became preferred bidder after administrators Begbies Traynor originally accepted a rival proposal.
The Bryn Consortium is named after the police dog that bit famous Torquay player Jim McNichol during the final match of the 1986-87 season.
The Gulls avoided relegation thanks to an injury-time goal from Paul Dobson caused by the incident.
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