Crystal Palace manager Alan Pardew has said the club can "embark on a new era" after a £100 million deal was agreed with American investors.
A consortium led by Joshua Harris and David Blitzer, the owners of NBA team Philadelphia 76ers and NHL outfit New Jersey Devils, is reported to have has bought a sizeable shareholding in the south London club.
The development comes after a protracted negotiating process with the new investors that has taken almost a year and a half.
It means plans to improve and extend Palace's Selhurst Park ground will soon be put in place, with the new money enabling work to begin quickly.
Pardew told a news conference ahead of Saturday's game at Stoke: "I have been involved with Joshua and David to some degree and I see they have a passion for this football club that has grown.
"That goes alongside myself and the chairman [Steve Parish] with the passion we have for the football club. We hope, together, that we can embark on a new era."
The former Palace midfielder said he hoped the club's fans could now "look forward to the future with expectation" and added: "A phoenix can rise. What we want to do is keep rising."
The deal means Parish, Harris and Blitzer will all have an 18 percent stake at Selhurst Park, but Parish will remain responsible for the day-to-day running of the club and have the final word on all major decisions.
Palace, currently sixth in the table after being revitalised by Pardew when he arrived in January, will not be spending big money in the winter transfer window.
"I am quite happy with the squad," Pardew said. "We have got one or two that might go out on loan or might move on. And maybe we would look at bringing in a body, depending on who we lost.
"Certainly we do not want to lose any of our key players, because they are driving the club forward.
"We are under no pressure financially, so when a club does come to talk to us about one of our star performers they are going to have to drive a really hard bargain."