A Premier League statement issued on Thursday afternoon read: “At a special meeting held today, Premier League clubs approved the appointment of Richard Masters as its chief executive with immediate effect.”
Masters has been in interim charge of the League for the last 18 months, and follows the failed appointments of Susanna Dinnage, Tim Davie and David Pemsel who all turned down the job after agreeing to take it due to various personal reasons.
"I feel privileged to be given the opportunity to lead the Premier League in what will be one of the most exciting stages of its development,” said Masters, whose background lies within the sporting industry with more than 25 years of experience with both the English Football League and England and Wales Cricket Board.
"I have thoroughly enjoyed working with the clubs and our partners and other stakeholders over the past year. This is one of the most incredible jobs in the world of sport and I now look forward to leading the League in the many opportunities and challenges that lie ahead."
Masters has been employed by the Premier League since 2006 when he joined as director of sales and marketing, before becoming managing director in July 2015.
Bruce Buck, chairman of Chelsea Football Club and chairman of the Premier League nominations committee, said: "Richard took on the role of interim chief executive a year ago. Since then, the clubs have seen Richard rise to the occasion, dealing with our various stakeholders and partners with aplomb and skill.
"As interim chief executive, he has faced challenges head-on and has proved himself. The clubs believe that this is the right appointment now in the long-term interests of the Premier League."
The Premier League experienced far greater difficulty in finding a successor for the long-serving Scudamore than the expected, with first-choice replacement Dinnage performing a sudden U-turn on taking the role after accepting it last December.
The Premier League then approached BBC executive Davie, who ruled himself out of the running, before giving the role to Pemsel. However, the former Guardian Media Group stepped down last month before taking up the job due to allegations that emerged surrounding apparent text messages sent to a colleague.
With the Premier League due to start negotiations over new broadcasting deals early in the new year, club owners were keen to make a swift appointment this time round, and Masters is understood to have impressed during his time in interim charge by the way he has handled issues surrounding racism in football as well as the uncertainty over the chief executive role.
Scudamore stepped down at the end of 2018 after 19 years in charge of the Premier League, receiving a highly-controversial £5m ‘golden handshake’ as a reward for his time in charge.
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