The East of Scotland League First Division club have named Paul Currie and Paul Montgomery as co-managers, to be assisted John Daly as first team coach.
Currie, 37, was signed by Lynch as a player last summer and can count Musselburgh Athletic, Arbroath, Bonnyrigg Rose, Berwick Rangers and Kelty Hearts among his former clubs.
Montgomery was manager of Preston’s under-20s last season, steering them to the Development League Conference B title with just three defeats in 26 games.
In a joint statement, the new management team said: “We are delighted as a team to take over at Preston Athletic and build on last season’s performances.
“We felt that the opportunity available was too good to turn down and we look forward to bringing an exciting and attacking style of football to the Pennypit.
“Between the three of us, we feel our combination of playing and coaching experience will stand us in good stead for the season ahead.”
Following “a sustained period of consideration” Lynch was sacked last week after five years in charge and the manager’s job was advertised with a deadline of 5pm tonight.
His side were in contention for the First Division Conference B title up until the last day of the season, but ultimately finished one point behind behind champions Oakley and runners-up Glenrothes in third place.
The East Lothian side will compete in the new First Division, tier seven in the pyramid, in 2022/23. They have pre-season friendlies lines up against Musselburgh (July 2), Pumpherston (July 9) and Blackburn (July 23) at home, plus an away trip to Haddington (July 26).