The Football Association has handed control of the top two tiers of women's football in England to Women's Professional Leagues Limited (WPLL).
Ownership of the Barclays Women's Super League and Barclays Women's Championship has been transferred to WPLL from the FA in time for the 2024/25 season.
An agreement to form a new organisation similar to the Premier League was reached in November last year, with each club in the women's top two tiers becoming a shareholder.
WPLL chief executive officer Nikki Doucet, former general manager of Nike Women UK & Ireland, said: "Women's football in England has witnessed unprecedented growth in recent years, marked by increased fan engagement, rising attendance at matches, and a surge in participation at all levels.
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"We are fiercely committed to building on this momentum by creating a thriving landscape which prioritises the welfare and development of players, fosters and excites a vibrant fan community, and nurtures the sport's growth.
"As we embark on this exciting journey, we extend our heartfelt gratitude to the FA for its outstanding work in developing the sport.
"We look forward to building upon this solid foundation and elevating women's professional football in England to unprecedented levels."
WPLL said it will be supported by the Premier League "through a cooperation and funding agreement", which includes a £20m interest-free loan.
The loan is in addition to the £21m the Premier League has invested into developing women's football at all levels between 2022 and 2025.
Premier League chief executive Richard Masters said: "This is a key moment in the development of the professional women's game in England and we are pleased to be able to support WPLL both financially and by providing expertise in a number of key areas.
"We look forward to being closely involved in this exciting period for women's football."
The FA, which has run the WSL since it was launched in 2010, formed a new working group, made up of 10 chief executives from clubs in the top two tiers, in February 2023 to explore the best way to hand over control.
It was announced the following November that a new club-owned company would be formed to oversee the women's professional game.
FA chief executive Mark Bullingham added: "We are very proud of the growth that, together with the clubs, we have driven in the women's professional game.
"I would like to thank everyone who has worked tirelessly to establish and evolve our leagues to be among the best in the world.
"Now is the opportunity for Nikki to lead the next phase of growth, with an independent company purely focused on women's professional football.
"I have no doubt that she and the team will take the leagues to new heights, and we look forward to supporting them on this exciting journey."
Analysis: What does this mean for women's football in England?
Sky Sports News' Anton Toloui:
"It's a new dawn in the way the professional women's game is run in England. For some time, the FA has been trying to find a partner to take over the WSL and Championship and try to maximise its potential both commercially and make it the best league in the world.
"They've done that now with the WPLL. It's a new company that has been set up to do exactly that.
"The executive team is all-female led, with Nikki Docuet the CEO. She has been in transition with this NewCo for the last year to try to get the WSL and Championship ready for this new era.
"All 23 professional teams in England will have a stake in the new set-up, as will the FA. They have a share and when revenues reach a certain level, they will get money back to put back into the grassroots of the English game.
"As for the Premier League, they have given the WPLL a £20m loan. It means they have a seat in the boardroom and are going to offer their help with commercial and advertising expertise.
"Everyone is trying to push together to make one thing happen - for the WSL to become the biggest league in the world.
"The ambitions are lofty, this set-up has been a long time coming and now we get to see the new team in action."
When does the 2024/25 WSL season start?
The 2024/25 Women's Super League season will start on Friday September 19, with the first game on Sky Sports shown on Sunday September 22.
The key dates for the top two divisions of women's football next term have been confirmed, with the Barclays Women's Championship starting a fortnight earlier on the weekend of September 7 and 8.
The winter break will take place between December 16 and January 18, with the WSL season ending on the weekend of May 10 and May 11, 2025.
The start of the new WSL season comes 42 days after the women's gold medal final of the Olympic Games campaign, where the USA took home the gold medal.
Meanwhile, the 2024/25 Women's League Cup dates have also been confirmed, with the group stage running from early October until mid-December. The final will be played on the weekend of March 15 and 16, 2025.