Wolverhampton Wanderers have confirmed Chinese investment firm Fosun International as the club's new owners.
The deal, which comes 10 months after Steve Morgan put the Championship side up for sale, was reported to be worth £45m but it is believed that Morgan accepted £30m with a promise to donate a portion of the proceeds to charity if Wolves are promoted this season.
In a statement, the club said: "Wolverhampton Wanderers Football Club (Wolves) are delighted to confirm that a sale and purchase agreement has been signed which sees the transfer of the 100% ownership in Wolves and all its assets from Steve Morgan CBE and his Bridgemere Group to Fosun Group (Fosun) headed by Chairman Guo Guangchang.
"The purchase of Wolves by Fosun has been approved and fully ratified by the English Football League (EFL) and its board of directors. The financial terms of the transaction are private and confidential between the parties."
Wolves also confirmed that long-standing chief executive Jez Moxey has decided to step down from his position and will leave the club within three months.
Jeff Shi, who will represent Fosun on the Wolves board, said: "We are delighted to have completed the deal to become the new owners of such a famous and historic club as Wolves.
"We owe a great debt of gratitude to Steve Morgan for taking such good care of the club and for placing his trust in us to become the new custodians of Wolves. During our conversations Steve's great passion and vision for the club and Wolverhampton was very clear and we feel privileged to pick up the baton from him.
"And also to Jez Moxey for his tremendous contribution to Wolves. We are sad to see him leave, but after 16 years of loyal service we understand why he has chosen this moment as the right time to move on and we wish him well."
Shi went on to outline plans to restore Wolves to the Premier League as "a top priority" but also insisted that the club would not stop nurturing young talent.
"Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there," he said. "We believe the club and the fans belong at the top of English football and getting there is our first and top priority.
"However, we will continue to develop and enhance Wolves Academy and to create more and more young talent for the first team and to keep it as one of the very best in football. We also understand the importance of the club's role within Wolverhampton and the surrounding communities and that is something we are determined to continue.
"We are fully aware that achieving success for Wolves will not be easy. It will take hard work, resources, determination and togetherness. We will work with everyone who supports Wolves to help create a bright future for this great club. We can't wait to get started on the exciting times ahead and look forward to a long and ultimately successful ownership of Wolves."
Speculation prior to the takeover suggested that manager Kenny Jackett would be replaced by ex-Porto boss Julen Lopetegui, although he has since been appointed as the new coach of the Spain national side.
Jackett took training with his squad at their pre-season training camp in Ireland today as usual and is due to return to the UK tomorrow to learn his fate.
Jose Mourinho's agent Jorge Mendes is thought to have been heavily involved in the deal and has been advising on transfer targets with the aim of securing several new signings before the Championship season begins on August 6.
Neil Wilkes
