Sunderland have confirmed that majority shareholder Ellis Short will assume 100 percent control of the Wearside club.
The American billionaire takes over from the Irish-based Drumaville Consortium who have had control of Sunderland since 2006.
Niall Quinn, who will remain The Black Cats’ chairman, welcomed the news and revealed that it was Short’s financial clout that helped his team reject a £20 million bid from Tottenham Hotspur for striker Kenwyne Jones.
"This is fantastic news for the club," Quinn told the club's official website.
"Ellis has already shown tremendous commitment to date but today's announcement opens the door for a new era at the Stadium of Light.
"Ellis’s involvement to date also enabled us to turn down a club-record bid of up to £20 million for Kenwyne Jones from Tottenham Hotspur in the January transfer window."
Sunderland, whose place in next season's Premier League, was only confirmed on the final day of the season are currently without a manager following Ricky Sbragia's resignation.
Wigan Athletic manager Steve Bruce is the man reportedly at the top of The Black Cats' wishlist to succeed Sbragia.