Foley had a verbal agreement in place to buy Bournemouth for £120 million in October, but the deal was subject to ratification from the league’s board.
He also announced his intentions to upgrade the club’s stadium and training facilities once the takeover was complete.
The 77-year-old managing general partner at Black Knight football club, a college-based team in the United States, will take over from the Cherries’ previous owner Maxim Demin who has relinquished his 100 percent stake in the club.
While Foley is the face of the takeover, the American businessman has several limited partners, including a 50.1% interest for Cannae Holdings Incorporation and other investors with stakes in the Vegas Golden Knights.
Other minority investors in the new ownership structure include award-winning Hollywood actor Michael B Jordan who is making his first foray into professional sports ownership.
Foley said: “I have tremendous respect for the passion and support the Bournemouth community shows for this club and believe that connection to the community is the foundation for success of any sports team.
“We will move forward with an ‘always advance, never retreat’ approach that has defined all of my endeavours.
“I am committed to work with the best football and business minds available to enhance player development, facilities and the fan experience to put AFC Bournemouth in the best possible position to succeed.”
Foley is expected to assume the role of chairman immediately and will attend the club’s next home match against Crystal Palace on December 31.
Demin leaves Bournemouth after 11 years as club owner, where he oversaw the Cherries’ rise from League One to the Premier League in less than five seasons.
The new ownership is expected to come with some changes, and there have been reports that a new manager is high on the list of topics discussed.
Marcelo Bielsa has emerged as a leading candidate for Bournemouth after they replaced Scott Parker with Gary O’Neil shortly after achieving top-flight promotion.
O’Neil made an impressive start as he led the Premier League outfit to a six-game unbeaten run.
However, things have not been very encouraging since then, with a record of four consecutive defeats preceding their 3-0 win over Everton before the international break.
Currently 14th in the table, Bournemouth will look to build on that victory when they travel to face Newcastle United when club football returns.
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