Milan Mandaric has vowed to take Sheffield Wednesday back to the Premier League after his takeover was formally approved by shareholders.
Mandaric's purchase of the Owls, which saved the club from potential administration and a winding-up order issued by HMRC, went through at the end of last month, and he has now won the support of 99.7% of shareholders that voted at an exceptional general meeting on Tuesday morning.
The takeover sees current and all former directors, excluding Dave Allen, waive a significant majority of their debts, with any repayment coming only if the Owls reach the Premier League.
Kenneth Cooke, Robert Grierson and Geoffrey Hulley will all resign as directors of the npower League One club with the new board consisting of new chairman Mandaric, former chairman Wilkinson and Nick Parker.
Mandaric said: "I am grateful to the shareholders of Sheffield Wednesday for their faith in me. Over the past few weeks, I have spoken with a lot of people who hold this great club close to their hearts.
"I will do everything in my power, working with our excellent management team to restore Sheffield Wednesday to the top table of English football.
"I know what this club can achieve and it is an honour to be given the chance to take one of the oldest names in the game and work to make it great again.
"I would like to place on record my thanks to the former board, the loan-note holders and to the Co-Op bank for their help in making this deal possible.
"This club can now move forward with certainty, and I am looking forward to getting down to business and doing what I can to help Alan Irvine and his team gain promotion back to the Championship."
Outgoing chairman Howard Wilkinson, who both played for and managed the club, said: "I am delighted to hand over the stewardship of this fantastic club to Milan Mandaric.
"When Sheffield Wednesday needed somebody to step up and deliver Milan was that man.
"Our club was on the brink of administration a few weeks back, but now we can look forward to an exciting Christmas period, both on and off the pitch."
Irvine's men have failed to let their off-the-field problems affect their league form as they sit second in League One following Saturday's 6-2 thumping of Bristol Rovers and sit three points behind leaders Brighton.