Ken Bates has completed a £10million takeover of Leeds United. The deal was completed at 2.27a.m. with Bates - chairman of Chelsea for 22 years - returning to football after a 10-month absence.
Outgoing Leeds chairman Gerald Krasner said: "The consortium led by Mr Bates completed the deal this morning.
"This deal ensures the medium to long term survival of the club and I believe Mr Bates' proposals are totally for the benefit of the club.
"We are content that under Mr Bates, Leeds United will continue to consolidate and move forward."
Bates is expected to announce his control of the club and reveal his plans to take it forward at an Elland Road press conference later today.
Krasner confirmed that his consortium had been asked to remain in the background at the club for an undisclosed period to help ensure a smooth hand-over.
The Krasner consortium came in at a time when the club was at its most desperate, over £100m in debt, and over the past 10 months has managed to cut away those debts to less than £24 million.
And Krasner believes that, despite the problems he and his board have had to solve since taking over, it has all been worth it.
"The club has always been in safe hands since we took over," he said.
"It was actually a year ago on Wednesday when I first met Trevor Birch to begin all this, and it has been worthwhile because Leeds United still exists and the football team still plays at Elland Road.
"Some people told us it could not be done and that we would have to take the club into administration, I think this proves it could be done."