James Brayshaw is elected unanimously as chairman and will assemble a team around him tasked to oversee the club's future direction as it attempts to establish itself as a viable entity in the Melbourne market.
Brayshaw later confirms that former coach Denis Pagan will be part of the new Kangaroos board.
The decision by the Kangaroos to stay put was based heavily on the AFL's inability to confirm a stadium deal to play at the Gold Coast as well as a clause which required that a new entity, separate from the Kangaroos and owned by the AFL, be established as part of the package.
AFL chief executive Andrew Demetriou wished the Kangaroos well and said that the league's attention would now focus on the establishment of a 17th team based in the Gold Coast.
"If the James Brayshaw plan is successful then we will be the first to be thrilled and congratulate James and the board and the team on being able to rally support to keep this fantastic football club alive," Demetriou said.
"Now that the Kangaroos have made their decision we now have certainty about what we want to do on the Gold Coast and that is that we can now commence the work around a new team and a 17th licence."