Portsmouth have moved out of administration and are now officially owned by the Pompey Supporters' Trust (PST), administrators BDO confirmed on Friday.
The purchase, confirmed in a statement, formally ends the Fratton Park side's 14-month stay in administration.
The 2008 FA Cup winners saw their relegation to npower League Two confirmed on Tuesday, but the fan takeover will spark renewed optimism around the club.
Trevor Birch, joint administrator of Portsmouth Football Club (2010) Ltd and partner at BDO, said: "We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded.
"It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn't think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism.
"The PST has shown what can be achieved when fans unite together for the good of their community. The club has been through considerable turmoil over the last few years, and I hope it can now enjoy a period of stability and the chance to build solid foundations for a sustainable future based on hard work and honest endeavour."
Ashley Brown, Chairman of the Pompey Supporters' Trust, said: "What a momentous day. Once again Pompey fans have shown why they are some of the best in the land, we now have a club owned by people who truly love it, its fans. That's how football is supposed to be."
Iain McInnes, chairman of Portsmouth Community Football Club, added: "It has been a very difficult journey to get to this point but in the end we have achieved the right result.
"Now is the time for Pompey fans to get behind the club and we are looking forward to celebrating becoming a community club at Fratton Park this Saturday afternoon."
The Football League must now decide when to deduct the club 10 points for officially exiting administration.