Qatari sheik Abdullah Bin Nasser Al-Thani was presented as the new owner of struggling Spanish league club Malaga on Friday.
Abdullah bought the team for ?36 million ($44 million), Malaga spokesman Victor Varela said.
``I am overjoyed to be in one of the world's best leagues,'' the sheik told a press conference on the pitch of the club's Rosaleda stadium.
Malaga escaped relegation on the final day of last season, and fans hope the takeover will bring an injection of cash for new players.
Speaking through an interpreter, Abdullah did not rule out buying major stars but said he hoped the club would be able to groom them from its youth team.
The sheik is chairman of Nasser Bin Abdullah and Sons Group and is a horse racing enthusiast.
The deal follows months of negotiations by former owner and ex-Real Madrid player Fernando Sanz to find a buyer who would be able to invest in the club.
A new coach is expected to be presented Monday. Reports have said former Porto coach Jesualdo Ferreira has been named to replace Juan Ramon Lopez Muniz but Varela said this was not official.
The deal gives Abdullah ownership of the club but not the Rosaleda stadium, which is owned by Malaga town hall.
