Fulham to be taken over by Pakistan-born Shahid Khan

Washington: A Pakistan-born billionaire has bought out English Premier League club Fulham, which will put the West London team under new ownership for the first time in 16 years.

The transaction has cost Khan around 150 million pounds, which has been approved by the Premier League with the tycoon assuming 100 percent ownership of the club, and a press conference to introduce the new Cottagers supremo being scheduled for Saturday.

The report said the Jacksonville Jaguars owner has been in talks with Fulham owner Mohamed Al Fayed for several days and the pair has struck an agreement, with Khan telling the club`s website that it was a privilege to serve as the next custodian of Fulham Football Club.

Khan said that he was extremely honoured to accept and wanted to thank Fayed, on behalf of everyone who loved Fulham, for 16 years of exceptional service to the club, adding that he rescued the club in its hour of need and has led it to a sustained place within the Premier League.

Khan was born in Lahore but now has an American citizenship and is ranked 179th in the Forbes 400 list of richest Americans with an estimated worth of 2.5 billion dollars, the report added.