Mohamed Al Fayed saw his 16-year association with Fulham come to an end after agreeing the sale of the English Premier League club to Jacksonville Jaguars owner Shahid Khan.
Al Fayed will be remembered for not only being one of the first foreign owners in the Premier League, but also for taking Fulham from a club in the third tier to an established top-flight side.
"My time of serving as the custodian of Fulham Football Club would one day come to an end, and I feel that time has now arrived," Al Fayed said in a statement.
"The time is right because I have found a very good man in Shahid Khan to accept the responsibility and privilege that I have enjoyed at Fulham since 1997.
"Fulham will be in very good hands with Shahid, whose success in business and passion for sport is very evident.
"I ask everyone who loves Fulham and our Craven Cottage home to welcome Shahid as he begins his journey as the next guardian of Fulham Football Club.
"Now is the right time for me to retire and spend time playing football with my grandchildren.
"I am sad but proud of our achievements. I am very grateful to Fulham's fans, the most incredible fans in the world.
"They have given me their support and affection whenever they have seen me at home games.
"I would never let them down. I have passed the club to a talented, honest and highly capable man who respects Fulham and its traditions. He is a great sportsman."
Khan is worth around £1.9 billion according to Forbes and Fulham will be his second club after taking over the Jaguars.
"I was recently very fortunate to have been introduced to Mohamed Al Fayed, a man I respect and admire immensely for what he has accomplished in his life and -- above all -- what he has given others," Khan said.
"Today, he is giving me the privilege and responsibility of serving as the next custodian of Fulham Football Club.
"I am extremely honored to accept and want to thank him, on behalf of everyone who loves Fulham, for 16 years of exceptional service to the club.
"Mr Al Fayed rescued the club in its hour of need and has led it to a sustained place within the Premier League.
"Fulham is the perfect club at the perfect time for me.
"I want to be clear, I do not view myself so much as the owner of Fulham, but a custodian of the club on behalf of its fans.
"My priority is to ensure the club and Craven Cottage each have a viable and sustainable Premier League future that fans of present and future generations can be proud of.
"We will manage the club's financial and operational affairs with prudence and care, with youth development and community programmes as fundamentally important elements of Fulham's future."