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Super league side Hull FC have been formally taken over by Hull City's Director of Operations Adam Pearson.
Pearson has taken outright control by buying out the previous shareholders. He will also stay in his current role at Hull City.
In a statement, Pearson confirmed the takeover and ensured he would do his best to ensure an exciting future for the club.
"I would like to express my pleasure at completing the acquisition of Hull FC today, and thank the outgoing board under Kath Hetherington and the RFL for the professional and confidential manner in which they handled this change of ownership," Pearson said.
"Hull FC has a strong tradition in the game and now needs to progress and develop into a major force in the domestic and international game, " he added.
"I have been running sports clubs, Hull City in particular, long enough to know and understand what I don't know! Therefore the Executive board at Hull FC will remain in place to maintain the specific expertise needed to develop a consistently successful club. They have been led by James Rule and have done an excellent job rebuilding the club and ensuring financial stability. James will remain in charge of our club as Chief Executive and continue to be completely responsible for the new era of development at the KC stadium.
"We will be seeing a new era of unity in sport in Hull and I intend to work in harmony with the other sporting clubs in the city. I fully understand the intense rivalry with Hull KR, we want to beat them but we want to do so with a bit of mutual respect. Likewise we are looking forward to an era of constructive partnership with our partners at the KC stadium. What the Allam family have done for Hull City I will attempt to replicate at Hull FC with strong financial management and investment. I first tried to purchase Hull FC as far back as 2002 but could not agree a deal, so I am well aware of its potential and size in the game.
"Hull FC has one major financial challenge to overcome from what has been a very well run era over the last 10 years. That challenge is the legacy of EBT payments to players which was prohibited by changes in government legislation in late 2010.This has left the club with a very significant potential tax liability which I will have to examine in detail over the coming months and find a solution for. This aside the club is in good shape and ready to drive forward in its ambition to become a leading Super League power.
"Of course it will be a new challenge for myself and I will be maintaining my role in Hull City and football generally. However, I have not invested significant sums in the purchase of Hull FC to see the club stand still. Under the direction of James Rule and supported by Finance Director Tony Sutton and Community and Marketing Director Jon Flatman the club will be entering a new era in which I believe we can deliver significant success to a great Super League club. This City thrives on sporting success and I intend to ensure Hull FC provides this to its loyal supporters over the coming years.
"It would be great to start the new era with a packed house on Sunday against Leeds and finally end their winning run against us. It wont be easy to turn the tide but with some real desire and your best Hull support we can start to believe with confidence again.