East Stirlingshire owner Spencer Fearn has sold his stake in the club for £1 and resigned from the board.
Fearn, who was vice-chairman of the Irn-Bru Third Division club, has passed on his shares to chairman Les Thomson, with the pair agreeing they will be sold to the Shiretrust supporters group in a year's time should it want them.
Fearn told the club's official website, www.eaststirlingshirefc.co.uk: "I would prefer to keep my reasons for leaving as private.
"I hope the fans respect that but I have to put my family first.
"It has been a great four years. We have achieved a lot in that time and I am proud of what we have all done together.
"I wanted to leave the club to the fans, despite having received a good offer for my shares.
"I will still come to some games and will put some money into the club. I have met loads of good people, who will be friends for life.
"I would like to thank everyone who has been involved over the last few years - the trust, the fans and the people who have helped run the club so well.
"Shire will be left largely debt-free and there will be no need to return to the £10-a-week days just to survive."