Mohamed Al Fayed has ended his 16-year stint as Fulham owner by selling the club to Shahid Khan, owner of NFL side Jacksonville Jaguars.
Khan, 62, a billionaire car-parts entrepreneur, is the sixth American owner of a Premier League club.
During his time in charge, Egyptian Al Fayed, 84, took Fulham from the third tier to the top flight and into Europe, reports the BBC.
"It has been a pleasure and privilege to be chairman of Fulham football club for 16 memorable years," he said.
Financial details of the takeover have yet to be officially disclosed, with media reports valuing the deal at between £150m and £200m.
A leading supporters group said the news represented an "exciting but uncertain time" for Fulham, who finished last season 12th in the league.
Pakistan-born Khan, who moved to the United States aged 16, employs thousands of people through his car parts business.
"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 said.
"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 programmes as fundamentally important elements of Fulham's future."
Khan bought Jacksonville Jaguars in December 2011, but they struggled last season, finishing bottom of AFC South with two wins from 14 matches.
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