Barnsley chairman Peter Ridsdale and chief executive David Walker have resigned as directors of the club.
Ridsdale had been in charge for just over a year
Director Gordon Shepherd has been named as the Tykes' new chairman, with Barry Taylor remaining as a director.
Ridsdale had owned the football club itself - while the ground and its land are jointly owned by club benefactor Patrick Cryne and Barnsley Council.
However, Ridsdale's stake has now been transferred to Wakeco 267 Ltd, which is soon to become Oakwell Holdings Ltd.
Former Leeds chairman Ridsdale took charge at Barnsley in October 2003.
However, the Tykes were in the unusual situation of the football club being under different ownership from its stadium and surroundings.
Reports of a boardroom rift, ironically coming during a run of four straight victories, were denied after Ridsdale and Walker did not attend last Saturday's 4-0 win over Peterborough.
The "True Red Barnsley Bond" scheme has also not been as popular with supporters as they had hoped.
But with Ridsdale and Walker now cutting their ties with the club, it leaves Shepherd and Cryne, together with the council, in overall control.
New Barnsley chairman Gordon Stewart has told the club website of the reasons for Peter Ridsdale's departure.
"The club was running into a financial position that was less than comfortable and it was clear cash had to be injected," he said.
"When you are running out of cash you have to address the problem and that has been done.
"Peter did not want to work in a club where he had owned less than 50% and felt it would be better if he left."