Ian Huxham and Terry Pavey, from the club's supporters trust, along with Julian Tagg, have been made directors of the troubled club.

The Grecians were relegated from the Football League to the Nationwide Conference this season, with reported debts of �2m.

Chairman John Russell and vice-chairman Mike Lewis have agreed to step down once power has been transferred.

Mr Russell, his wife and Mr Lewis were recently arrested over allegations of financial irregularities at the club.

Backing

In a statement, Mr Huxham said: "Everyone will be well aware of the difficulties that the club faces and we are taking specialist advice.

"We will keep the public informed of our progress and we will be consulting widely over the next few weeks."

Mr Russell told the Express & Echo that he would be resigning shortly.

"It's time for a change and we expect and hope that all supporters of the new regime will put their full backing behind the new board," said Russell.

Exeter's president Ivor Doble is also set to step aside and relinquish his majority shareholding.