Businessman Masterton has passed his controlling interest in the Pars on to administrator Bryan Jackson, who says the move makes his job of saving the club considerably easier.
The Irn-Bru First Division side were placed in interim administration last week after Her Majesty's Revenue and Customs lodged a winding-up order over an unpaid £134,000 tax bill.
The administration process protects them from the taxman's attempts but they still owe around £8.5m to Masterton and other companies.
Former Bank of Scotland executive Masterton, who has faced supporter protests after taking the 128-year-old club to the brink of disaster, hopes the move will help them rebuild for the future.
He said: "For those of us who love this club, anything which can be done to facilitate its future survival must be done.
"I have given my life to DAFC over the last few years and I hope that this move is one of many actions which need to be done swiftly to allow Bryan to more effectively do his job as the administrator.
"I appreciate that the fans will also be doing their best for the club and hope that we can all work together to ensure DAFC is still around for another 128 years."
Jackson added: "I am grateful to Mr Masterton for handing over his shares.
"This will make the process of administration considerably easier and this action, along with the decision by various supporters and business organisations to unite behind the club in the Pars United group, gives me some hope that we can have a positive outcome from the administration process.
"I would echo Mr Masterton and Pars United in encouraging all fans, and the wider community, to get behind the club in any way that they can.
"We are also pleased to announce that we have been able to provide a small advance on April's wages to all players and staff from the generous donations received by fans and benefactors since the announcement of the interim administration last week."