The former chairman of Burnley Football Club has acquired a controlling interest in Cheltenham Town.
Mike Garlick, who spent 17 years on the board at Turf Moor before leaving in 2023, has committed to "future investment" in the League Two side.
Under the terms of the transaction, Mr Garlick and his wife, Alison, will immediately join the board of the club. John Murphy, meanwhile, will retire from the board but will take on the role of honorary president for a five-year term.
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The rest of the board remains unchanged, with David Bloxham remaining as chairman; Paul Godfrey as company and club secretary; Clive Gowing as financial director; and David Beesley as Robins Trust appointed director.
Mr Garlick said: "I am absolutely delighted to be joining Cheltenham Town Football Club and look forward to building on the hard work, dedication and excellent foundations that the current and past directors have put in place at the club.
“I met some of the board members back in May and visited the stadium and training ground. From that moment on I knew this was the club I wanted to be part of.
“Going forward I believe firmly in evolution rather than revolution and step-by-step we will seek to drive the Club forward both on and off the pitch, whilst remaining firmly rooted in our local community and loyal fan base. I look forward to getting started.“
Mr Bloxham said he was "confident" Mr Garlick would bring "significant benefits" to the club.
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“For some time the club has operated within limited financial and practical restraints," he said.
"Whilst the club is generally regarded to have outperformed its resources it has been a source of frustration that we have been unable to materially improve its facilities and infrastructure or retain its best staff. Mike Garlick brings with him a great deal of football knowledge and experience."
Law firm Squire Patton Boggs advised on the sale. The deal was led by Birmingham-based corporate partner and football club M&A specialist David Hull and senior associate Matt Smith, assisted by associate Nadia Gulfraz.
Cheltenham Town has been owned various shareholders, with the supporter-led Robins Trust having a stake of 16% as of March last year. The trust has kept its share in the club and is now the second-largest stakeholder.