TOM Herbert has finally become the major shareholder of Bromsgrove Rovers.
Pat Bannister said he transferred his shares to the Abberley businessman on Friday and resigned as chief executive.
But Mayfields Insolvency Practitioners will remain as the administrators of Bromsgrove Rovers until a financial deal is accepted by the club's creditors.
Mr Herbert said: "I have been appointed as a director and I'm glad it's worked out well. I had felt like walking away from the club but support from the fans persuaded me to carry on."
He said he would become chairman and a board of directors would be made up of his wife, Sandra Joyce Herbert, ex-directors Phil Baker and Tony Partridge, and former club physio Peter O'Connell.
A meeting with fans to explain the changes is planned at the club on September 5 at 7.30pm.
Bannister said he had lost a "substantial amount of money" in agreeing the deal but did it for the club's sake.
He added: "I transferred the shares to Tom for free on condition Bromsgrove Rovers was not liquidated - otherwise it would have had to start again in the lowest league possible."
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