Chairman Ken Wright and fellow board member Graham Watkinson are the new owners of Chorley Football Club.
The club released a statement to confirm that ownership of the club’s shareholding had been transferred to the pair.
The news appears to signal the end of Preston North End owner Trevor Hemmings’ interest in the club.
He rescued the club from extinction in 1994 and has continued to support the club over the past two decades.
The statement said: “The issues surrounding the ownership of the football club itself has also been resolved with the ownership of the shareholding being transferred to Ken Wright and Graham Watkinson.
“We would like to take the opportunity to thank Trevor Hemmings for his support of the football club over many years following his intervention in rescuing the club when at a very low point in its history and now for placing his trust in us and giving us the chance to take the club forwards a develop it further.”
The board also revealed that the club would be working closely with Chorley Borough Council, who have recently acquired ownership of Chorley’s ground – Victory Park.
The statement added: “The board of directors of Chorley Football Club can confirm that they are working closely with the council to find the correct way forwards to assure the long-term future of the football club.
“Frustratingly for both of us we have been presented with a general election which means the council has entered a period or purdah during which the authority cannot make any statements. The timing of the election, right in the middle of our discussions, has slowed progress but once it has been completed things will be finalised at the earliest opportunity.”