Francesco Becchetti has completed his takeover of Leyton Orient after Barry Hearn sold his stake in the club.
Hearn's company Matchroom Sport Ltd's 90 per cent shareholding in the O's has passed to new chairman Becchetti.
Hearn, son Eddie, Steve Dawson and David Dodd have resigned from the board of directors and chief executive Matt Porter has stepped down although he will remain as a club director.
Sports promoter Hearn took over the East Londoners in 1995 from Tony Wood. During his tenure, the club won promotion in 2006 from League 2 and only missed out on a place in the Championship after their play-off final defeat in May.
Speaking to the Guardian Series last week, Hearn said: “I have been very consistent in saying that I would step aside if the right offer came in from someone who could take the club forward. So far that hasn’t happened but this may be the exception.
"I think he has the ambition and the resources to do something spectacular here but discussions are still ongoing. If the man delivers what I think he can then this is a very exciting time for Orient."