Mammadov completes Sheffield Wednesday takeover

Mammadov, 49, the founder and chairman of the Baghlan Group, owns French Ligue One side RC Lens and Azeribaijan side FC Baku and has been in advanced talks with Owls owner Milan Mandaric for the past few months.

Mammadov said: “I am immensely pleased and proud to have agreed a deal to buy this wonderful club.

“I am a passionate football fan with enormous respect for English football.

“I have been looking at investing in England for some time but I was determined to find the right Club.

“I am hugely ambitious and feel the Owls match my passion and desire for success and represent our motto of Azerbaijan Land of Fire.

“I promise the supporters I will work extremely hard to bring the success everyone so rightly craves.”

Offering his reaction, Mandaric said: “I am delighted to have concluded a deal with Hafiz, he is a true football man and I have no doubt whatsoever that I am handing over control to someone with a real passion for the game and the ability to carry on the work I started three years ago to return Sheffield Wednesday back to the top division of English football.

“It’s something that the wonderful supporters of this club deserve having remained so loyal throughout the difficult times prior to my arrival.”

Discussions to reach a successful conclusion took place at the weekend between Mandaric and Mammadov, whose company has extensive interests in a variety of sectors from oil and gas to transportation.

Reports have suggested that deal is worth around 50million euros, with the news bringing an end to a lengthy takeover saga regarding the future of Wednesday, up in the air for the past 12 months.

Mammadov has an extensive footballing portfolio and is believed to share a deep passion for the game, having bought his local club Baku in 2004.

He is thought to have held a desire to purchase a club in England for some time, with the challenge of restoring Wednesday to the top flight of football one that has proved an extremely enticing one.

Back in Mammadov’s homeland, Baku won the Azerbaijani championship twice during his time as owner and became the first from the country to reach the third qualifying round of the Champions League.

But last summer, Mammadov switched his attentions to Lens and has helped turn around the fortunes of the club, spending an estimated 20million euros in the process.

That helped culminate in promotion to the French top-flight at the end of last season.

Former Portsmouth and Leicester chairman Mandaric - who took over Wednesday in December 2010 - openly revealed last August that he was ready to sell up to spend more time with his family and to focus on his business interests.

A Chinese consortium led by former Birmingham City director Sammy Yu, who visited several games at Hillsborough last season, were previously strongly linked with a takeover last year, but now Mammadov has made the decisive move.