Sven-Goran Eriksson has resigned as Notts County director of football following the club's takeover by Ray Trew.
The former England manager has now taken up the role of joint-life president at the Coca-Cola League Two side.
Former Lincoln chairman Trew paid £1 for the club, but the Magpies are said to have debts totalling over £1.5million.
New chief executive Jim Rodwell told the BBC: "He (Eriksson) has agreed to stay on as joint life president which is a less hands-on role but it gives people an idea of how honourable Sven has been to deal with."
Midfielder Matt Hamshaw also praised the Swede, saying: "He never missed a day's training even in the snow and rain.
"He has stuck through it all. He was a real gentleman and was always there to help players out."
Outgoing chairman Peter Trembling admitted the completion of the takeover ends a "relentless search" for new investment.
A statement by Trembling on Notts County's official website, nottscountyfc.co.uk, said: "I am delighted to announce that the search for investment into this football club has concluded and last night (Wednesday) 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 tomorrow (Friday).
"We have been on a relentless search over the last couple of months for parties intent on and able of investing £25million - £50million into Notts County.
"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 time frames 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."
Trembling claimed the club was "left in a desperate situation courtesy of Munto Finance" and promised to go into more detail at a later date.
He added: "I will be at the Fulham game on Sunday and can think of no better stage than an FA Cup fifth-round tie against Premier League opposition to say my farewells."
The club are due back in the High Court on February 24 to face a winding-up petition from HM Revenue and Customs for an unpaid tax bill. Former manager Ian McParland and Nottingham Rugby Club are also thought to be owed money by the club.Reuse content