Hull City Football Club has confirmed that Assem and Ehab Allam have taken over the Npower Championship club.
The pair has been in negotiations with owner Russell Bartlett over recent weeks but now a deal has been finalised with the new owners have invested £30m to clear club debts whilst also promising a further £10m.
Speaking on the takeover, new chairman Assem Allam said: "I'm very pleased that in the end we managed to do the deal.
"We've had some hard times over the last few weeks but I am very pleased to achieve my ambition of giving a present to the Hull City fans and the citizens of Hull and the East Riding.
"We will be leaving the football to the specialists, but we hope to inject our commercial and business experience into the club to make sure it is run on a sound commercial basis. We will be trying to remove many obstacles to get onto the right track."
It was also confirmed that Adam Pearson will remain in his role as a Head of Football Operations.