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The High Court claim brought by investors Morton House MGT over the ownership of League Two club Rochdale has been settled.

It is alleged Morton House tried to take over the club without consent from the English Football League last July.

Morton House has now transferred its shares in the club to the Rochdale board for an undisclosed sum.

A statement from Rochdale said it was now the first club in the north of England to be "fan owned and fan-led".

The seven already serving members of the board now own 43.3% shares in the club, while the Dale Supporters Trust owns 13.9% and the remaining 42.8% are split between over 500 individual shareholding supporters.

"Whilst an unwanted public hostile takeover attempt was unprecedented in the history of our club, the consortium of serving directors have stepped in and prevented a hostile takeover and then delivered a truly fan owned and fan-led club," Rochdale chairman Simon Gauge said.

"Operating on a national platform and as a local employer of over 130 people, whilst owning the largest sporting venue within the Rochdale Borough which hosts community events every single day of the year, the hard work now really begins to get this club back up the football league."

Separately, the Rochdale board of directors have opened legal proceedings against a former director of the club, a statement said.