American businessman Ron Gordon has concluded a takeover of Scottish Premiership side Hibernian.
Gordon has acquired the majority shareholding from HFC Holdings, a company owned by Sir Tom Farmer and outgoing chairman Rod Petrie.
An official statement said the deal means the club is now debt free, six years ahead of schedule, with Gordon also set to make a "seven-figure cash injection to the club".
Gordon, who will become the executive chairman of Hibernian, is the new majority shareholder at Easter Road, while around one-third of the shares in the club will be owned by existing shareholder supporters.
A Hibs statement said: "The Board of Hibernian today announced that the majority shareholding in the club has passed from HFC Holdings Limited - owned by Sir Tom Farmer and Rod Petrie - to Bydand Sports LLC, a new company set up for that purpose by US businessman Ronald Gordon.
"The historic transfer of ownership has taken place with Ron's company acquiring the shares in the club held by HFC holdings Limited and making a further cash investment in the club.
"Ron is a successful, self-made businessman who has built and sold a network of broadcasting companies. He is also a lifelong football fan.
"He takes the reins of a club that has been transformed during the past 28 years of stewardship by Sir Tom, Rod Petrie, and other directors over the years with unparalleled investment in the club's stadium and training centre. The club has enjoyed sporting successes, financial stability and is now well-placed to make further progress."
Petrie, who was recently confirmed as the new president of the Scottish FA, will stand down from the club's board after 22 years. He also spent 15 years as chairman of the Leith outfit.
Gordon said: "I know that Hibernian is the right club for me, and I am committed to working with supporters, other shareholders and everyone connected with Hibernian to build on Sir Tom's legacy and take the club forward.
"I had a great first conversation with Sir Tom. We swapped stories from our childhood and compared our approach to business.
"There are many similarities and those values are evident in Hibernian not only as an outstanding football club but also its engagement with young people and through the Hibernian Community Foundation. That it is such a well-run club was one of the major attractions for me.
"Hibernian will always be Sir Tom's club and Easter Road will always be his home.
"I am looking forward to getting to know the supporters and shareholders as quickly as possible, hearing what they have to say and then working with them to help the Club build a successful future. And I will be there as often as I can to support the team!"
Sir Tom Farmer said: "From the day supporters asked me to get involved to help save the club back in 1991 this day was always going to come. After almost 30 years the approach from Ron has struck a chord and the time is right to transfer the stewardship of our great club.
"There have been approaches over the years, and we have done them all the courtesy of hearing what they had to say. Ron's passion for Hibernian and its origins and his commitment to the community and the engagement he wants with supporters shone through.
Chief executive Leeann Dempster added: "Everyone at the club is excited about the future. Ron is a man who loves football and who is determined to bring a bright future to the club.
"He buys into everything we are trying to achieve at Hibernian through our structure and our vision and he brings a wealth of experience in business to add value to that."