Flynn has sold his stake in Livingston
Livingston majority shareholder Pearse Flynn has sold his stake in the First Division club to an Italian consortium.
A group of businessmen, headed by Angelo Massone, have paid an undisclosed sum for Flynn's shares.
"It was a very difficult decision to part company with Livingston after four incident packed years," said Flynn.
"I think Angelo and his team have got exciting plans and I wish them and everyone associated with the club every success for the future."
It is understood that the consortium wish to bring David Hay back to the club in a director of football role.
Hay, who was Livingston manager in season 2003/04 when the side won the Scottish League Cup, has been out of football since leaving Dunfermline in 2005.
The takeover ends months of speculation about the future of the club.
A proposed deal for entrepreneur Anthony McMullen to buy a 50% stake in Livingston fell through in April.
I'm just continuing to do my job and keeping an eye on potential signings
Livingston manager Mark Proctor
The Irish businessman wanted to bring in former Carlisle United boss Roddy Collins as a general manager.
However, after the deal collapsed the Almondvale board insisted that current manager Mark Proctor would remain in charge of the team for the 2008/09 season.
Speaking to BBC Scotland, Proctor revealed he has not heard from the new owners yet but expects to meet with them in the coming days.
"I'm just continuing to do my job and keeping an eye on potential signings for when the embargo's lifted," he said.
"But I presume we'll have a chat in the next few days."