Leeds owner Massimo Cellino has sold a 50 percent stake in the Championship club to Italian businessman Andrea Radrizzani.
Sports media tycoon Radrizzani, 42, who entered into talks with Cellino in the summer, has acquired 50 percent of the club's share capital through his company Aser Group Holding.
Speculation over the club's future had been mounting since Cellino, 60, assumed 100 percent control at Elland Road in September when he bought the minority stake still held by previous owner Gulf Finance House.
Cellino is due to start an 18-month ban from all football activities on Feb. 1 for breaching agent rules over the sale of Ross McCormack to Fulham in 2014.
The Italian and Leeds were both fined £250,000 by the Football Association, while Cellino has already indicated he will appeal against the ruling.
If unsuccessful, Cellino's suspension means he will not be able to return to any position at Leeds until Sept. 1, 2018.
In a statement posted on the club's website, Cellino said: "I have worked hard for the past three years for Leeds United, we are a massive club, and I feel the only way we can get better is for me to bring in a new partner.
"Andrea is young and brings a new energy with him, as well as having a good experience in the football media business, which is the future for all clubs.
"I feel that bringing Andrea in as a 50 percent shareholder to work with me is the best choice we could have made. We will continue building a strong and healthy football club for the future.''