Tokyo Verdy's shareholders on Tuesday approved the J, League's plans to take over the operations of the financially troubled second-division club.
The J. League decided last month to inject funds into Tokyo Verdy and take over the club's operations if the former top-flight giants' financial outlook failed to show signs of improvement by the end of June.
Senior J. League official Hideyuki Hanyu replaced Daishi Watanuki as Tokyo Verdy's president.
Last year, Nippon Television Network Corp., which had a 98.8 percent stake in Tokyo Verdy, withdrew from the club's operations.