Former chairman George Reynolds was chief creditor, and he had the potential to put his former club out of business.
The deal must now be sanctioned by the Football League.
Club manager David Hodgson said: "I don't think there will be a problem on that front, I'm happy, but I've alwayy said we will be safe.
"There was never any doubt in my mind that the football club would be here."
George Reynolds insisted that he will bounce back.
He said: "I take life as it comes day by day, I'm always on the winning side no matter what people think.
"Look at last week - I was bankrupt on the Friday and a millionaire on the Saturday - I'm a bloody genius aren't I."