LONDON (AFP) - English second-tier club Sheffield Wednesday announced on Thursday that they have been taken over by Thai food company the Thai Union Frozen Group.
Wednesday said that the firm have bought 100 per cent of the club's shares from previous owner Milan Mandaric's company UKFI Limited.
The sum involved in the transaction was not officially disclosed, but reports in the British press suggested it was around £30 million (S$60 million).
Businessman Dejphon Chansiri, whose family control the Thai Union Frozen Group, told the Wednesday website: "I am very excited at the prospect of taking over control from Milan.
"I believe this club has huge potential and I can assure all our supporters that I will be working extremely hard to bring the success that I already sense from my short time in your city our supporters so desperately crave."
Mandaric had owned Wednesday since December 2010, when he rescued the club from administration and provided £7 million of funds towards clearing debts of over £20 million.
"From the first time I met Dejphon, I felt he was the right person for this fantastic club," said Mandaric, who will assist Chansiri in an advisory role after stepping down as chairman.
Last relegated from the Premier League in 2000, Wednesday are currently in ninth place in the 24-team Championship.