Mohamed Al Fayed’s 16-year association with Fulham has tonight come to an end after the Egyptian agreed a deal for the sale of the club to Shahid Khan.
The 84-year-old former Harrods owner has transformed the west Londoners from a third-tier outfit to an established Premier League side since taking over in 1997.
Sustained reports this week suggested Al Fayed would now sell the club and the Cottagers last night confirmed a deal has been struck with Khan, billionaire owner of the Jacksonville Jaguars.
“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 in a statement. “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.”
Khan is worth £1.9 billion, according to Forbes, making him the 490th richest man in the world.
Born in Pakistan, the 62-year-old moved to the United States aged 16 for college and secured an engineering degree from the University of Illinois.
Khan went onto create an automotive parts empire and such riches allowed him to buy NFL franchise Jacksonville Jaguars, who will play one regular season game a season at Wembley for the next four years.