Drogheda United members have voted to accept an offer from American sports investment fund Trivela Group to take full control of the club.
The change of ownership will take effect pending legal formalities being signed off after the vote at a specially convened EGM at Weavers Park on Monday evening.
Trivela Group representative Wesley Hill, who will take on a new role as executive director at the club, was present at the meeting as members voted largely in favour of the takeover.
The endorsement required 75% of all votes cast to pass but sailed through with an overwhelming majority.
Club director Conor Hoey announced the results of the vote in front of club members and supporters at the club's Windmill Road venue at 7.45pm on Monday.
Trivela Group has been in talks with the League of Ireland club to purchase a 100% stake for 12 months now and after an arduous due diligence process, the deal is now completed.
Existing board members Joanna Byrne, Hoey and Niamh Leonard will remain on the board alongside Hill and incoming co-chairman Benjamin Boycott, Trivela’s managing director.
Ciaran Doyle, Enda McCarville, Jim McArdle and Andrew Purcell will step down as directors but remain involved with the club in various capacities, with McArdle being made an honorary president of the club.
The takeover will boost Drogheda United on and off the pitch, with a €1m-plus investment set to be pumped into the club imminently.
That money will clear the clubs existing debt, thought to be in the region of €400,000 to €500,0000.
Investment in infrastructure and facilities is also immediately on the cards, with FAI licensing requirements meaning extensive work will be carried out at Weavers Park in the coming months.
These will include toilet facilities, improvements to the stands and enhanced supporter facilities.
It was confirmed last week that first team manager Kevin Doherty will have "a more competitive playing budget" going forward, but the new owners have not yet put a timeframe on the club's first team turning full-time, confirming it will not be in 2024.
Drogheda United will be the only part-time team operating in the SSE Airtricity Men's Premier Division next season.
A long-term objective for Trivela Group will be building a new ground for the Drogs.
While no land has been purchased for a new stadium as of yet, land has been earmarked for the site. That land is on the Termonfeckin Road, north of the town. It is estimated that the new stadium will cost in the region of €15m.
In the short term, immediate improvements will be made to a Weavers Park that is in serious need of upgrades.
Trivela Group acquired English League Two side Walsall last year. The firm described themselves as a company that creates "enduring value through the acquisition and management of association football clubs".
Co-chairperson Byrne thanked those in attendance, saying they had "made history in casting their votes".
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