The multi-millionaire businessman finally took control of the club 11 months after arriving at London Road as chairman. Macanthony has paid Barry Fry £1 for his controlling interest in the club. Fry has also received a lump sum equal to the money he has pumped into Posh in the last couple of years – a figure believed to exceed £1 million.

Related: Darragh MacAnthony's official statement on his purchase of Posh.
Read all the latest news on Macanthony's reign - peterboroughtoday.co.uk/posh.
------------------

Macanthony insists no money has been paid to the club's landlords, Peterborough United Holdings Ltd. He overcame their opposition to the deal through legal manoeuvres.

Macanthony said: "This is a great day for me and the football club, and hopefully for the city of Peterborough. I never doubted the deal would be done, but it has taken a great deal effort from club officials Barry Fry, Bob Symns and John Kay, plus a great legal team to get us there.

"Today is a celebration as far as I am concerned. It's been a long time coming, but I am elated that it has finally happened."

Fry insists the deal is the best thing that has ever happened to Posh. He believes the club will progress rapidly under the leadership of the new owner.

Fry said: "This is without doubt the best day in Posh history. Darragh has money, but he is also a football fanatic who has great plans and great ideas for the club.

"He was like the kid in the toy shop when he first stepped on to the pitch at London Road and his enthusiasm has never waned from that first meeting.

"He can take this club places that us fans have only ever dreamed about. I just hope that he now receives the support he deserves from the fans and from local businesses."

Macanthony immediately repeated his short and long-term goals for Posh. He has already invested close to £6 million in the club and he is ready to inject more cash in the future.

Among Macanthony's aims are:

• The League Two title this season.


• Average attendance of 5,500 this season.


• A Wembley final in the Johnstone's Paint Trophy.


• Promotion from League One next season with an average crowd of 7,000.


• The Premiership in five years with regular crowds of 20,000

.

Macanthony added: "People question my bold aims like this and my constant optimism, but I make no apology for this. There are a number of things I can't control, but there are a reassuringly large number of things that I can and that is where I will focus.

"We will continue to strengthen our squad annually and we will increase our scouting network globally. We can also improve our supporters relationships even further by improving our facilities."

Macanthony has already handed Posh the biggest sponsorship in Football League history as well as financed numerous transfer deals to help manager Darren Ferguson build a squad capable of winning League Two.