Fulham owner Mohamed Al Fayed's has brought an end to his 16-year spell at the west London side by selling the club to Shahid Khan.
Khan, who is also the owner of NFL team Jacksonville Jaguars, took charge on Friday evening after the Premier League approved the takeover.
A statement on Fulham's official website read: "Mohamed Al Fayed has sold Fulham Football Club to Shahid Khan, the CEO of Flex-N-Gate Group and owner of the Jacksonville Jaguars of the National Football League in the United States.
"The transaction has been approved by the Barclays Premier League. Khan assumes 100 per cent ownership of the club, debt-free, as of today."
The deal will boost Fulham's spending power, with Khan thought to be twice as wealthy as 84-year-old Al Fayed.
The Pakistan-born 62-year-old, who moved to America as a teenager, is ranked 179th in Forbes’ 400 richest Americans list - with an estimated worth of £1.65 billion.
He will be in London regularly, with the Jaguars scheduled to play one NFL season game a season at Wembley for the next four years.
"[Al Fayed] is giving me the privilege and responsibility of serving as the next custodian of Fulham Football Club," Khan said.
"I am extremely honoured to accept and want to thank him, on behalf of everyone who loves Fulham, for 16 years of exceptional service to the club. Mr Al Fayed rescued the club in its hour of need and has led it to a sustained place within the Premier League.
"Fulham is the perfect club at the perfect time for me. My priority is to ensure the club and Craven Cottage each have a viable and sustainable Premier League future that fans of present and future generations can be proud of."
Al Fayed concluded: "My time of serving as the custodian of Fulham Football Club would one day come to an end, and I feel that time has now arrived.
"The time is right because I have found a very good man in Shahid Khan to accept the responsibility and privilege that I have enjoyed at Fulham since 1997. Fulham will be in very good hands."
Write for GiveMeSport! Sign-up to the GMS Writing Academy here: http://bit.ly/12evFlH
DISCLAIMER: This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.