Dunfermline have avoided the threat of liquidation after creditors voted in favour of a company voluntary arrangement.
The club, which was docked 15 points and relegated last season after going into administration, will begin the new campaign in League One under the guidance of fans-led group 'Pars United', a consortium headed up by club legend Jim Leishman.
Gavin Masterton, the club's former owner, effectively gave up his claim to around £8.5m owed to him and his companies after he decided to abstain from the CVA vote.
The agreement will see that players and staff due salary payments dating back to last year will now be paid.
Administrators BDO have been in control of the club since March after a winding-up order was served by HM Revenue and Customs for £134,000.
Former player and manager Leishman said: "This is a fantastic day. Up until yesterday we were still having meetings discussing what might happen if the CVA did not go through.
"It's through now and there is nothing standing in our way now. Now we must make sure we have sustainability and ensure we can survive going forward.
"Over my time here, I've seen some fantastic European games, fantastic cup games and fantastic league wins.
"You can never beat that sense of winning and achieving something as an underdog. And this is a great feeling. This is for the people of this town, the people of Fife."