Assem and Ehab Allam have completed their takeover of Hull City AFC and the Stadium Management Company.
The protracted deal was completed at 10.45pm on Thursday night and sees the local businessmen take outright control of the two companies.
The takeover was officially confirmed at a Press Conference at the KC Stadium on Friday lunchtime during which the Allam's and Adam Pearson, who will remain in his role as Head of Football Operations, expressed their delight at the deal being completed.
"I'm very pleased that in the end we managed to do the deal," said Assem Allam, who is now the Chairman of Hull City.
"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."
Adam Pearson was equally pleased to see the deal go through, saying: "This is a substantial investment and in these days in football when most deals are being done through debt, to have a local benefactor putting this much money into football is quite a unique situation.
"It certainly makes no business sense, it is purely a gift to the city of Hull and the local sporting community and we are extremely grateful."
Ehab Allam is looking forward to the challenges that owning a football club will present and is prepared for the hard work ahead.
"It's exciting times and it's a fantastic opportunity for myself and Assem to give something back to the city.
"It is going to be a real challenge, but we're both up for it and looking forward to it."
You will be able to see the full press conference later today in the free video player on our homepage.
[Pictured: Assem (left) and Ehab Allam]