Story bought the Cumbrians from John Courtenay

The announcement means the club has now severed all ties with former owner, John Courtenay.

In a statement on Wednesday, the recently relegated club said negotiations between the two men had been "amicable".

Mr Storey, 47, has warned fans not to expect him to plough money into the struggling Conference club.

The club statement, posted on its website, said: "Carlisle United are very pleased to announce that Fred Story has now taken full ownership of the club following the completion of the purchase of the club from Mr John Courtenay.

Business footing

"Negotiations have been amicable between the two parties and nothing untoward has come to light other than the legacies that remain from the Knighton era.

"Mr Story would like to personally place on record his sincere thanks to John Courtenay for all the dedication, hard work, passion and finance he gave the football club during his two years as owner.

"Fred Story and the board of directors will continue the good work of John Courtenay in bringing stability to Carlisle United and setting the club on a sound business footing and look forward to a long and successful future under the new ownership."

Earlier, Mr Storey said: "I'm not here to knock the ground down and build houses, and there are no plans to relocate.

"However, I won't be funding the club out of my own pocket - that's up to local businesses to get behind us."