Leyton Orient are under new ownership, after a consortium led by the Dunkin Donuts and Baskin Robbins chief executive Nigel Travis completed its takeover of the crisis-hit National League club from Francesco Becchetti.

The Eagle Investments consortium headed up by Travis, a lifelong Orient fan now based in the US, completed the deal on Thursday afternoon, bringing to an end three years of chaos and rapid decline under Becchetti’s ownership.

The Italian took over the east London club in 2014, weeks after they had missed out on promotion to the Championship on penalties and presided over two relegations in three years, a rapid turnover of managers and players, and financial turbulence off the field.

Orient survived a winding-up petition only last week after Becchetti paid off a string of creditors including Waltham Forest Council and the former chairman Barry Hearn’s Matchroom, whose pension fund owns the club’s Brisbane Road ground. Towards the end of last season, staff had twice received wages late as fan protests against Becchetti mounted, culminating in a pitch invasion that halted the last home game of the season, against Colchester United.

In a statement announcing the deal, Travis said: “I have been a passionate Leyton Orient supporter for my entire life and feel a great sense of responsibility to the players, the staff, the fans and the community. We have challenges in front of us, and I am not underestimating those. However, over the long term, we believe we can return the Club to the Football League.”

The price of the deal has not been disclosed but the new club structure will include supporter representation on the board. In recent months the Leyton Orient Fans Trust has raised more than £175,000 for a regeneration fund to deal with emergency planning and to assist the transition to new ownership.

Becchetti said: “I invested a great deal in the club in good faith and have delivered the club to Nigel Travis and his consortium without any debts to the banks, without arrears for taxes and salaries and in a normal situation with its suppliers. This is a position from which it can grow.

Over the last two years, I have, unfortunately, not been able to dedicate myself to following the club as closely as I would have wanted. This is clearly the moment to leave the club to others and I know that in doing so I am leaving it in good hands with Nigel Travis. I give my sincere best wishes to the fans and to the club for a bright future, full of success.”