American businessman Frank McCourt has bought Marseille soccer club from Russian-born billionaire Margarita Louis-Dreyfus.
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McCourt and Louis-Dreyfus announced the sale Monday in a statement. Financial details were not disclosed.
McCourt, the 63-year-old former owner of the Los Angeles Dodgers, promised fans he would push the club to the "highest ranks of European football," adding that "we have the resources and courage necessary to invest."
Marseille employees approved McCourt's offer last month unanimously after he pledged to build a team able to challenge Paris Saint-Germain.
Marseille, the only French team to win the Champions League back in 1993, has won the French title nine times but has fallen behind since PSG was taken over by Qatari investors five years ago.
Louis-Dreyfus took over Marseille in 2009.