Kyril Louis-Dreyfus has vowed to rebuild Sunderland after blasting his predecessors for 'asset stripping' the League One club.
The Black Cats new owner, who is just 23, is heir to an estimated £4billion fortune.
A giant in the north-east of England, Sunderland now have the backing of Louis-Dreyfus after years of austerity.
The Swiss said: "It is a fresh start. It has been many years now where the club had no real long-term vision and also cost-cutting at its forefront, which basically led to an asset-stripping in almost all departments, which required rebuilding from the start.
"It will be a long-term plan – hopefully we can take it forward together and bring better times to the club.
"I believe there is a big underdeveloped potential, which I hope to achieve.
"However, it is a tough climate we are in - the next few months will be challenging.
"There are pandemic-related losses which will require investment from the ownership, but we are confident that over time we will get out stronger and get success.
"It's very important in football not to panic. For example a key moment will be this season, where I truly believe we can get promoted.
"We've got a very strong squad, a good manager and the league is still open.
"However, we need to follow our long-term plan – we cannot panic if we fall short."