Dunfermline Athletic fans cheered as news reached them that their club's future has been secured after a deal had been done to wipe away its £10m debt.
Some Pars supporters gathered outside East End Park, the club's home ground, anxious about a creditors meeting.
It eventually agreed to allow fans group Pars United to take the club forward – staving off the prospect of the liquidation of the company that operates the club.
The cheers of relief came as a Company Voluntary Arrangement (CVA) was agreed over Dunfermline Athletic Football Club Limited which had been in administration since March.
Former Dunfermline player and manager Jim Leishman – who helped front the supporters' bid – said: "This is a fantastic day.
"Up until yesterday, we were still having meetings discussing what might happen if the CVA did not go through.
"It's through now and there is nothing standing in our way. Now we have got to make sure we have got sustainability and ensure we can survive going forward."
Dunfermline were forced to enter administration in a bid to stave off a winding-up order launched after they failed to pay a £134,000 tax bill.
Leishman– who led the club to the First Division title in 1990 – added: "Over my time here, I've seen some fantastic European games, fantastic cup games and fantastic league wins.
"You can never beat that sense of winning and achieving something as an underdog. This is a great feeling.
"This is for the people of this town, the people of Fife."
Pars United's Bob Garmory added: "We thank each and every creditor who voted for this outcome. We know that many have suffered greatly from the financial problems of the football club. We now pay tribute to them.
"This vote will allow Dunfermline Athletic to begin a rebuilding process under a wide spread of fan ownership."
Drew Main, vice-chairman of the Pars Trust, appealed for more fan support going forward, saying another 300 fans were needed to match last year's 1,700 season-ticket sale total.
He said: "We still need more money to come in and people to come and watch us.
"We are budgeting on selling the same number of season tickets as we did last year, which was about 1,700. Up until last week we were 300 below that target.
"Now we have to continue to raise funds, to be ready for the start of the season, and we need more patrons.
"A lot of people have been waiting on this day, now we have reached it, these people have to step up to the plate and support the cause."
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