Mike Bateson has confirmed that the takeover of Torquay United is complete and Chris Roberts has succeeded him as chairman at Plainmoor.
The news comes on the back of Bateson recently admitting that he was in negotiations with a prospective buyer of the League Two club.
Despite expecting the deal to have been completed in a shorter timescale, Bateson is pleased to officially unveil former professional footballer, Roberts, as the new man at the helm.
He told the club's official website: "I'm sorry that the last few days have dragged on somewhat, but it is vitally important that all eventualities were covered in the agreement.
"All's well that ends well and the move heralds the beginning of a new era for the club and for the supporters.
"I am happy to pass over the reins to Chris Roberts because I know that he has massive enthusiasm for the job."