Former FA Cup winners Portsmouth finally came out of administration on Friday after being officially taken over by a supporters group.
The Pompey Supporters Trust's purchase of the League One club was confirmed in a statement from administrators BDO that formally ends the Fratton Park side's 14-month spell in administration.
Portsmouth, who beat Cardiff in the 2008 FA Cup final, were on Tuesday relegated to League Two, English football's fourth and lowest professional tier.
But news of the fan group takeover will spark renewed optimism around the troubled club, who have suffered a remarkable fall from grace since their Wembley triumph five years ago was followed by the high of a 2-2 draw with Italian giants AC Milan in the Europa League just months later.
In 2010 they were beaten in the FA Cup final by Chelsea and relegated from the Premier League.
Then, in 2012, they dropped into the third tier for the first time in 30 years and this season's failure makes it three relegations in four seasons.
Trevor Birch, joint administrator of Portsmouth Football Club (2010) Ltd and partner at BDO, said: "We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded.
"It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn't think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism."