Pakistan-born billionaire Shahid Khan agreed a deal to buy English Premier League club Fulham on Friday.
Khan, who owns NFL team Jacksonville Jaguars, has been in talks with
Fulham owner Mohamed Al Fayed for several days and the pair have struck
an agreement that will put the west London team under new ownership for
the first time in 16 years.
The transaction, reported to have cost Khan around STG150 million ($A249.77 million), has been approved by the Premier League and the tycoon assumes 100 per cent ownership of the club, with a press conference scheduled for 1200GMT on Saturday to officially introduce the new Cottagers supremo.
Shahid Khan speaking, says "Mr Al Fayed is giving me the privilege and responsibility of serving as the next custodian of Fulham Football Club," Khan told the club's website.
"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. He 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. 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.
"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.
Khan, who was born in Lahore but now an American citizen, is ranked 179th in the Forbes 400 list of richest Americans with an estimated worth of $US2.5 billion ($A2.74 billion) after making his fortune as a car parts manufacturer.
Al Fayed, the 84-year-old former Harrods owner, had transformed Fulham from a third-tier outfit to an established Premier League side since taking over in 1997.
AL Fayed speaking, says "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," Al Fayed 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."
The transaction, reported to have cost Khan around STG150 million ($A249.77 million), has been approved by the Premier League and the tycoon assumes 100 per cent ownership of the club, with a press conference scheduled for 1200GMT on Saturday to officially introduce the new Cottagers supremo.
Shahid Khan speaking, says "Mr Al Fayed is giving me the privilege and responsibility of serving as the next custodian of Fulham Football Club," Khan told the club's website.
"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. He 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. 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.
"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.
Khan, who was born in Lahore but now an American citizen, is ranked 179th in the Forbes 400 list of richest Americans with an estimated worth of $US2.5 billion ($A2.74 billion) after making his fortune as a car parts manufacturer.
Al Fayed, the 84-year-old former Harrods owner, had transformed Fulham from a third-tier outfit to an established Premier League side since taking over in 1997.
AL Fayed speaking, says "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," Al Fayed 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."