Hafiz Mammadov has today completed his takeover of Sheffield Wednesday, subject to ratification by the Football League.
The Star understands the Azerbaijani businessman finalised the deal - worth approximately 50million euros (around £40m) - with Owls chairman Milan Mandaric on Sunday night.
Mammadov, a former member of the Azerbaijan Football Association and current owner of FC Baku and RC Lens, said: “I am immensely pleased and proud to have agreed a deal to buy this wonderful club.”
Multi-millionaire Mammadov, the founder and chairman of the Baghlan Group, which specialises in oil, gas, construction and transportation, has been in dialogue with Wednesday for several months.
Mammadov said: “I am a passionate football fan with enormous respect for English football. I have been looking at investing in England for some time but I was determined to find the right club.
“I am hugely ambitious and feel the Owls match my passion and desire for success and represent our motto of Azerbaijan Land of Fire. I promise the supporters I will work extremely hard to bring the success everyone so rightly craves.”
Mandaric, who took over at Hillsborough in December 2010, steps down, having vowed to depart only if the new owner is a suitable match for the club.
He said: “I am delighted to have concluded a deal with Hafiz. He is a true football man and I have no doubt whatsoever that I am handing over control to someone with a real passion for the game and the ability to carry on the work I started three years ago to return Sheffield Wednesday back to the top division of English football.
“It’s something that the wonderful supporters of this club deserve having remained so loyal throughout the difficult times prior to my arrival.”
Mandaric added: “On my first day at the club, I promised the supporters two things; firstly I would ensure that when I left we would be in far better shape than when I arrived and more importantly, that I would only hand over ownership when I found the right man for the club and I sincerely believe I have delivered on both undertakings.”