Tranmere Rovers have announced that former FA chief executive Mark Palios and his wife Nicola are the official new owners of the club.

The couple sealed their takeover after reaching an agreement with current owner Peter Johnson, who will remain a director and shareholder, as well as the club's honorary president.

Palios will take on his role at Prenton Park having made 280 appearances over two stints for Tranmere during his playing career.

Johnson told the club's official website: "I have been looking for a safe pair of hands to ensure the club's future. In Mark and Nicola I have found that.

"As a local lad who played for the club, and a former chief executive of The FA with a successful commercial track record, Mark is uniquely placed to help lead Tranmere to a bright future. Nicola is an accomplished lawyer and businesswoman.

"Between them, they have the passion and the experience to take the club forward and I am looking forward to working on the board with them."

Palios added: "There is a big job to be done to get the club back in the higher divisions and get the facilities back up to scratch. In the coming weeks and months we will share with you our plans on how we intend to make it happen.

"We have no illusions about the difficult environment in which lower league clubs operate but we have exciting ideas to ensure Tranmere thrives in the future as a successful and vibrant community club which is capable of sustaining itself without being reliant on a benefactor."

Tranmere were relegated from League One at the end of last season.