Scarborough Rugby Club has entered a new era by becoming a limited company.
The move follows a vote at the Scarborough RUFC annual general meeting, held at the JM Guthrie Clubhouse, to dissolve the club after 84 years.
The club's assets have now been transferred to Scarborough RUFC limited by guarantee.
Communications director Dave Campbell said the step was taken following advice from the sport's governing body, the Rugby Football Union, and the club's legal advisors.
Mr Campbell said: "The reason for this move is to put the multi-million facility and business on a firm business footing, put in place a clearer structure to the entire operation and to limit the liability of the club's officers.
"The company will be non-profit making and will retain its charitable status."
A new board has been formed consisting of chairman John Guthrie and non-paid directors Ken Anderson, Graeme Young, Tim Elliot, Colin Adamson, John Stevenson, Mike Holder and Richard Appletion. The board will also have three non-executive directos, Tim Boyes, Andrew Pindar and Colin Rennard.
Mr Young, the club's CEO, said the priorities for the new company were to continue the development of rugby from under-7s to seniors, to establish the first XV at a higher league level and to develop commercial operations and opportunities.
He added the club would also look to further the sustainable development of the company and its facilities and to continue its "ongoing commitment" to the local community.
In January last year the club moved from its Scalby Road base to its new 4 million Silver Royd ground, which can accommodate 1,500 people.
It features five senior and five smaller pitches, with the showpiece pitch on a par with Twickenham, size-wise.
The ground, between Scalby and Burniston, also has a function room with two bars and kitchen facilities capable of catering for 250 people and has proved a popular venue for wedding receptions.
Funding for the project came from private contributions - with 225,000 from property tycoon John Guthrie. The sale of the club's previous Scalby Road base brought in 2.5 million, with that site set to be redeveloped as a private health village.
The new ground was designed by former president and first team player Howard Acklam. It has a leisure centre which includes two fitness gyms, a sports hall, two squash courts and changing rooms.