The purchase price was not released, but the deal is reportedly worth around €165 million.

“I’ve always been a fan of Italian football and there are no words to describe how incredibly honoured I am to have the opportunity to help write the next chapter in the history of a legendary club like Fiorentina,” Commisso said.

The 69-year-old magnate, who was born in Calabria and migrated to the US when he was 12 years old, said in an interview on Thursday that the deal was completed just three weeks after he signed a letter of intent to buy the Florence-based team.

“There’s going to be a tremendous amount of effort, work, passion and money all going to be put in to make sure we have a better season than we had last year,” Commisso said.

Commisso also owns the New York Cosmos soccer club and is worth an estimated US$4.8 billion, according to Forbes.

Fiorentina becomes the fifth Serie A club to come under foreign ownership after Milan (US-based hedge fund Elliott Management), Inter Milan (Chinese retail group Suning), Roma (American businessman James Pallotta) and Bologna (Canadian businessman Joey Saputo).