Lane, who is the son of a former director Graham Lane, owns the EBC technology group based in Halesowen.
"I grew up less than a mile from Aggborough, and started watching the club when I was two with my father," said Lane as reported by the Express and Star.
"His years of enthusiasm for the club concluded with him becoming a director a few years later, to which I am very proud, especially when I reflect on what the football club achieved in his tenure.
"We can see the enormous potential here for the club to do something very special in the community.
"There are some immediate challenges ahead of us, namely ensuring that the club is stable and self-sufficient, not just for now, but for the future, so that the club’s supporters have a team to watch and a club to support for many more years to come, that is our only immediate priority.
"A successful, sustainable football club can help bring together a community and that’s what we want to create.
"Before the year is out, we will bring together a new board of directors at the club.
"It will be made up of like-minded local business people with passion for football and the community."