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Aston Villa have confirmed the sale of the club to Dr Tony Xia's Recon Group.
The deal, which will see the Chinese businessman acquire 100 per cent of the club from previous owner Randy Lerner for a sum reported to be around £60million ($87.5million), was originally announced last month.
However, Dr Xia has only now passed the Football League's Owners' and Directors' Test, allowing the paperwork to be completed.
The 39-year-old has been installed as Villa's new owner and chairman.
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In a statement confirming the sale, Villa added that a new board will be appointed later this week.
Champions League winner Roberto Di Matteo has already been named as Villa's new manager and is thought likely to get a significant transfer fund to overhaul their playing squad following relegation from the Premier League in May.