Championship club Hull City have been taken over by the Turkey-based Acun Medya Group.
The deal has been approved by the English Football League and Acun have taken control with immediate effect.
It brings to end Assem and Ehab Allam’s 12-year spell in charge of the club, during which fans repeatedly protested about the way it was run.
“We have many big dreams and goals to achieve together with our fans,” said new owner Acun Ilicali.
The deal was announced about 90 minutes before kick-off in Wednesday’s game against Blackburn Rovers at the MKM Stadium.
Ilicali, 52, was a sports reporter before establishing his own media company in 2004, which has developed into a worldwide production business, providing TV content for Europe and North and South America.
In a statement, Ehab Allam said: “We are happy and proud to be leaving Hull City on a strong and stable financial footing.
“There have been lots of ups and downs over the last 11 years or so, but we will take some very fond memories with us. Memories of some of the greatest achievements in the club’s history and ones we have been privileged to be a part of.
“The time has now come for a new owner to take up the mantle and I’d like to wish Acun and his team the very best for the future.
“We have taken a very business-led approach to running the club and I truly hope Acun can rebuild the relationship with the fanbase and also bring back the success on the pitch that fans crave and deserve.”
Hull’s fortunes on the field have fluctuated during the Allam’s spell as owners, with the team reaching the Premier League in 2013 and an FA Cup Final the following year, where they lost 3-2 to Arsenal after extra time.
Assem Allam proposed changing the club’s name to Hull Tigers in 2014, but the plan was eventually rejected by the Football Association.
They were relegated from the top flight in 2015, but bounced back 12 months later before going down again in 2017.
The Tigers suffered relegation to the third tier in 2020, but returned to the Championship last season after winning 27 of their 46 games under manager Grant McCann.