John Coleman has described the new investment in Accrington Stanley as a "dream come true" for those involved with the club.
Shareholders voted on Thursday morning to accept local businessman Andy Holt's proposal to become a director at the League Two outfit.
Holt plans to clear £1.2m of debt and take a controlling stake in the club, with around 75% of shares being passed over to him.
Coleman admits that the funding, which will see Peter Marsden remain as chairman, will provide his side with a real platform to push on over the long term.
Speaking to the club's official website, the 53-year-old said: "In the immediate future it won't make a big difference but it's a watershed and one of the biggest events in Accrington's history and that's going back to the rebirth of the club and getting back into the Football League.
"We have always been swimming against the tide and maybe now we are just jumping into a boat. The club has been debt ridden for years and once in that situation you are always fighting fires and living hand to mouth to keep the club afloat.
"We aren't going to have the riches of some League Two clubs but just to have the debt wiped out is a massive boost for everyone behind the scenes who have battled to keep the club afloat for years. It's a dream come true for people behind the scenes as now it's a case of doing everything properly and not cutting corners and just having to make do."
The deal is still subject to ratification by the Football League.