Fulham have announced that the club has been taken over by Pakistani-American businessman Shahid Khan.
Khan, who made his fortune in the automotive industry and also owns NFL franchise Jacksonville Jaguars, has assumed 100 per cent control of the London club as of Friday.
And, having eradicated all debts in the process of his takeover, Khan has outlined his plans to ensure Fulham can continue to flourish the Premier League.
“Fulham is the perfect club at the perfect time for me. I want to be clear, I do not view myself so much as the owner of Fulham, but a custodian of the club on behalf of its fans," he told the club's official website.
"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.
"We will manage the club’s financial and operational affairs with prudence and care, with youth development and community programs as fundamentally important elements of Fulham’s future.”
Mohamed Al Fayed's 16-year stint as Fulham chairman has come to a close as a result of the news, but the Egyptian believes he has sold to the right man.
"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," he said.
"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 with Shahid, whose success in business and passion for sport is very evident. I ask everyone who loves Fulham and our Craven Cottage home to welcome Shahid as he begins his journey as the next guardian of Fulham Football Club."
Fulham have been in the Premier League since 2001, while their highest finish of seventh came during the 2008-09 season.
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