Lille have announced that Gerard Lopez has taken over as the club's new president and majority shareholder.
The 45-year-old has succeeded Michel Seydoux after lengthy negotiations over a takeover of the club were completed on Wednesday.
Lille confirmed in a statement that Lopez's company L Holding had purchased a 95 per cent stake in the Stade Pierre-Mauroy outfit.
They added on Thursday: "Gerard Lopez officially becomes the new owner and majority shareholder of LOSC and the 17th president in the club's history."
Speaking this month, Lopez - the former owner of Formula 1's Lotus F1 Team - expressed his determination to build a team capable of challenging for the Ligue 1 title.
"This season is a transition year but next season we would like to get among the top six," he told RMC.
"Once we are there, it's about the top four, then on to Europe. From that point on, anything is possible.
"I want LOSC to be one of those teams going for the title within two years, or at least, in the top three. Taking over at LOSC and not having ambition in Ligue 1 would be a lack of respect for the club."
Lopez made his fortune through venture capital firm Mangrove Capital Partners - an early investor in Skype before it sold shares to Ebay in 2005 - and financial consulting business Genii Capital.
In 2015, he founded Nekton, an investment firm in the energy sector.