bbc sports 
Clyde say enormous challenges lie ahead as they voted to be the first Scottish senior football club to become a fully democratic community interest company.
The Third Division strugglers' shareholders agreed to the change of ownership at an extraordinary meeting.
"The work required in the next five years will be enormous to ensure that the long-term decline becomes a piece of history," said a statement.
"This move sets Clyde apart from any other senior club in Scots football."
The Cumbernauld club were runners-up in Division One in 2004, narrowly missing out on Scotland's top flight.
But they went close to going into administration and are presently four points adrift at the bottom of the Third Division after two successive relegations.
Now the club that started in Glasgow in 1877 as a members' club but incorporated as a limited liability company in the early part of the 20th century, has reverted to its former status after a unanimous vote by shareholders.
Club chairman John Alexander told his club website: "Football is a precarious business, we have agreed a new set of rules and that means that this club will never again risk its future on unsustainable dreams and debt.
"The club has developed a sustainable model of operation and this is enshrined in the new structure.
"The revised articles state that the club cannot borrow to pay wages or salaries of employees and the club cannot be conducted for private gain.
"The ethos will be to promote a successful football club that will encourage and develop sporting opportunities and activities in the community.
"This groundbreaking change is not a final step. Rather, it's the first step in the rebirth of a great club."
The club's board worked closely with the Clyde Supporters' Trust in forming the new structure.
Trust chairman Gordon Thomson said: "We were determined that our members were fully informed and not left in the dark.
"The interest and quality of debate demonstrated how supporters can be trusted to participate fully in the life of their club.
"A one member, one vote democracy is the culmination of an objective that we have sought for many years. We are delighted to see it now achieved.
"We believe our club will be safer and stronger in the hands of the many rather than the few. I hope others can follow our example."
