Hardy, whose other business interests include Paragon Interiors and the Nottinghamshire Golf and Country Club, struck a deal with liquidators from Smith Cooper to secure the future of Ilkeston after it was wound up in the High Court last month. The club had been £14,438 in debt.

The Derbyshire club will play in the Midland Football League Division One under the name Ilkeston Town from next season, five levels below the Football League, with Hardy insisting there would be no conflict of interest.

Hardy said: ‘Ilkeston Town will have its own corporate governance, with separate directors, financial structure and accountability.

‘Naturally, as would be the case between any professional and semi-professional football clubs, there will be an opportunity for transactions when it comes to such things as the loaning of players, sharing of expertise and so on. However, it is essential that any dealings between the two clubs are carried out with the best interests of their respective stakeholders in mind.’

In 2010, Ilkeston Town, then a Conference North club, folded owing £47,000 to HMRC. Ilkeston FC was formed as a successor club.

Hardy added: ‘I am absolutely thrilled to have completed my purchase of Ilkeston FC and can confirm that the club’s name will revert to Ilkeston Town Football Club with immediate effect.’

He also confirmed Ex-Nottingham Forest defender Steve Chettle has been appointed as manager.

On the sale, Dean Nelson, Head of Business Recovery and Insolvency at Smith Cooper commented: 'Ilkeston FC is a pillar in the local community, so I’m delighted that we’ve been able to achieve a sale of the business and its assets, with Erewash Borough Council’s support, ultimately securing football to be played this season.'