A new Scottish Professional Football League was finally ratified by Scotland's 42 senior clubs late on Thursday night.
An agreement was reached on a merger of the Scottish Premier League and the Scottish Football League after a long day and night of protracted talks at Hampden which spanned around 15 hours. The new set-up will see the current 12-10-10-10 structure remain, under one organisation, with the introduction of play-offs and a new financial redistribution model.
Discussions were adjourned on several occasions throughout the day, while lawyers mulled over financial details before the new single body league set-up was rubber stamped shortly before midnight.
The new board will comprise of Eric Riley, Steven Thompson, Duncan Fraser, Les Gray, Mike Mulraney and Bill Darroch.
Emerging after the meeting, Hibernian chairman and former SPL board member Rod Petrie said: "It's been a difficult day for a lot of people, there has been a lot to consider, but everybody has approached it in a positive and professional manner.
"I think it's right that everybody took their time and made sure that we got the fine detail correct. Here we are in agreement and all the clubs can go forward in a positive vein now.
"People have had strong opinions and they are right to have strong opinions to do what they think is right for their club and we now have 42 clubs who have agreed on a way forward and that's got to be a positive stance for Scottish football.
"From a supporters' point of view, they probably don't see a lot of change but from the management of the game and the way that we organise ourselves, it will streamline the way things are done and hopefully we can all get behind some new initiates for the game going forward to help things on the pitch."
Rangers were associate members of the SFL but are now full members of the new organisation with full voting rights.
Interim chief executive Craig Mather said: "We have always been active and we continue on that road and be humble. It's been interesting but we've got there. I'm very happy."