Hibernian chairman Rod Petrie believes the creation of the Scottish Professional Football League will allow the game north of the border to move forward in a positive way.
A single league set-up was finally rubber-stamped by all 42 clubs shortly before midnight after around 15 hours of talks at Hampden, which included a number of adjournments as lawyers mulled over the financial details.
The agreement finally sees the Scottish Premier League and the Scottish Football League merge into one organisation, which will retain a 12-10-10-10 structure and will see the introduction of play-offs and a new financial redistribution model.
Former SPL board member Petrie said: "It's been a difficult day for a lot of people, there has been a lot to consider, but everybody has approached it in a positive and professional manner.
"I think it's right that everybody took their time and made sure that we got the fine detail correct.
"Here we are in agreement and all the clubs can go forward in a positive vein now.
"People have had strong opinions and they are right to have strong opinions to do what they think is right for their club and we now have 42 clubs who have agreed on a way forward and that's got to be a positive stance for Scottish football.
"From a supporters' point of view, they probably don't see a lot of change but from the management of the game and the way that we organise ourselves, it will streamline the way things are done and hopefully we can all get behind some new initiatives for the game going forward to help things on the pitch."
The new board will comprise Eric Riley, Steven Thompson, Duncan Fraser, Les Gray, Mike Mulraney and Bill Darroch.
It is believed that SPL chairman Ralph Topping and chief executive Neil Doncaster will retain similar roles on the new board for now until a new CEO is appointed, while an independent non-executive will also join the board.
Stirling Albion operations director Stuart Brown said: "It has been a very long day but we have now got to where we intended to get to.
"We have the 42-club solution. There were a number of financial matters, due diligence matters, that had to be addressed.
"They have now been addressed. The SFL board, as was, is happy that's all been successfully concluded and our board were happy to sign up."
He added: "The priority now is to get back to our clubs and get on with football."
Rangers were associate members of the SFL but are now full members of the new organisation with full voting rights.
Interim chief executive Craig Mather said: "We have always been active and we continue on that road and be humble.
"It's been interesting but we've got there. I'm very happy."