CORK City’s days as a fan-owned club are no more as Dermot Usher has officially taken control of the club from Foras.
The necessary documents to authorise the sale were signed off on Friday and this was approved by the FAI.
This brings an end to 13 years of supporter ownership at Turner’s Cross and Foras' final act was building the team that won the First Division last autumn under Colin Healy and promotion back to the top tier of Irish football.
They open the new season on Friday, February 17 at Turner's Cross against Bohemians, which will be televised by RTE.
Outgoing club chairman, Declan Carey, said: “This is a great day for Cork City Football Club. We now have a new owner who has the capability to allow our club compete where it should be.
"As a board we want to wish Dermot the best of luck and would encourage all fans to get behind him over the coming years and help our club reach its full potential. We are confident that today marks the start of the next positive chapter of the club's history."
The chairman also released an emotional statement on his Twitter account, which saw him thank everyone at the club.
"It has not been without sacrifice and I'm sure I speak for the rest of the board also in saying we could not have contributed what we have done without the support and understanding of our families and friends.
“There are also countless volunteers and staff members who sacrifice so much for the club and deserve so much gratitude. The club is in a far more stable financial position than when we started, and the men's team is comfortably back in the Premier Division where the club belongs.
"I'm even more excited about the prospects of growth in the women's teams and academies, knowing the tremendous work Danny, Liam and all the coaches have put in the background. The hard work on the board was made much easier by the brilliant lads I served with. Darren, Shane, Damien, Gar, Colm, Conor, Dave and John Paul will hopefully be lifelong friends of mine.
“The Foras board will continue on in its original purpose and my time as chairman of Foras will also be up in the near future. I'm looking forward to following the club as a supporter and watching the games in the stands with my family again.
“Thank-you to especially to my wife Antoinette, my mother, brother Trevor and entire family. And I'll continue to throw my one to the sky to my old man who inspired me to do this.”