Former England boss Sven Goran-Eriksson has left his position at Notts County after the League Two club were sold for £1, reports the Daily Mail.
A consortium of investors bought out executive chairman Peter Trembling's majority shareholding and he has now left with immediate effect.
A statement by Trembling on Notts County's official website, said: "I am delighted to announce that the search for investment into this football club has concluded and I signed over my 90% shareholding in the club and hence the ownership to a new consortium.
"This consortium will reveal themselves and their plans for the club at a press conference on Friday.
"I have said all along that for relatively little investment and the capability to build thereafter, this opportunity represents one of the best, pound for pound in football."
He added: "However, the biggest challenge all along has been time and it has proved impossible to secure the major investment in the tight timeframes we have.
"The new owners of the club are not of the £25million-plus ilk but they do know the football business and most importantly have sufficient funds available to ensure the immediate survival of this football club and not least in view of our court case in less than two weeks' time.
"In addition they are intent and focused on promotion this season which has been the major objective from day one.
"Accordingly I am satisfied with our due diligence and that I am passing the baton over to people who can take this football club forward."