The Campos Meta team has confirmed that Jose Ramon Carabante has taken full control of the Spanish outfit, with former Midland, Spyker and Force India boss Colin Kolles being appointed as team principal instead of team founder Adrian Campos.
After weeks of speculation about the future of the team, it was announced on Friday that a deal had been reached with Campos to make Carabante, who was already a shareholder in the team, the new majority owner.
Carabante said he has secured a deal that will see the team competing in the 2010 championship.
"I would like to thank Bernie Ecclestone, who worked tremendously to support our efforts to keep the team viable," said Carabante.
"The whole rescue operation has been a race against time with the goal of always having the team run two competitive cars at the first Grand Prix of the F1 season in Bahrain.
"We have a lot of hard work still ahead of us but we are excited about making our F1 debut and looking forward to a competitive season."
Carabante said the team's base will remain in Spain and that Kolles will also act as managing director to ensure the team is fully operational and ready to make its Bahrain debut next month.
Kolles added, however, that the team needed to find 'extra funding' to guarantee its presence in Bahrain.
"I could not resist this tremendous challenge and am very excited to join forces in this new team," said Kolles.
"Over the next ten days we will review the entire operation, find the extra funding to ensure the team will make the first race in Bahrain, announce the line-up for 2010 in due time and make the operation viable under Jose Ramon Carabante's new ownership."
The team has a contract with Brazilian Bruno Senna, with rumours having linked Jose Maria Lopez with the second seat, despite the Argentinean having a contract with the US F1 squad.