Pete Winkelman has sold MK Dons and the Stadium MK Group to a Kuwait-based consortium led by Fahad Al Ghanim, bringing an end to his 20-year association with the club.
The deal leaves the club and stadium group debt-free and has been ratified by all parties following clearance from the EFL.
MK Dons begin their League Two campaign against Bradford City at the Stadium MK on Saturday, live on Sky Sports+, and Winkelman will be given the chance to say farewell to the club.
He bought out Wimbledon as part of a consortium in 2004, going on to establish MK Dons as a new entity, and has remained as club chair since.
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In a message to the fans, Winkelman said: "MK Dons are 20 years old this year and throughout that time we've been on a rollercoaster of highs and lows that we have all come through together.
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"What has become clear to me in recent years is that while I am so proud of Stadium MK and the sustainable business we've created, it can only support the development of the football club to a certain level, without separate and significant investment.
"Over the last year, I have been able to spend time with Fahad and he has convinced me that he brings the passion, determination and ambition to see the club participate at the highest level and has the resources to help it do so. It is, therefore, time for me to step aside and put the custodianship of the club and the wider business into new hands.
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"There are so many people to thank who have shared this journey, supporters, managers, players, and of course all our incredible staff. I'm also hugely thankful to all our brilliant club partners and sponsors for their unwavering support over the years."
But MK Dons will now be taken over by a new group, led by businessman Al Ghanim, who watched his first game at Stadium MK over a year ago.
He has previously worked across a number of sectors, including banking, investment, automotive and real estate and his family are the owners of Kuwait SC, one of the most successful football clubs in the Middle East.
In his own statement, Al Ghanim added: "As chairman of the group and on behalf of deputy chairman Hamad Almarzouq, it is with immense pride that I can now introduce myself as the new chairman of Milton Keynes Dons Football Club and the wider Stadium MK group following my acquisition of the business from Pete Winkelman.
"Let me be the first to reassure you that my ambition is to build on the fantastic foundations already here in Milton
Keynes, and to take MK Dons to the next level, both on the pitch and off it.
"You will I'm sure have many questions about what will change at MK Dons, and the first thing to tell you is that nothing will change in the short term, no one will be made redundant, and the structure of the business will fundamentally remain the same. Our first focus will be on strengthening the first-team squad to give the club the best chance of promotion this season.
"I fully believe the team are in a great place, I'm not looking to disrupt the fantastic work done over the summer,
if anything, I want to add to it.
"Over the coming months, there'll be a chance to assess the club and its functions, before making additions where
necessary to help the hard-working and dedicated staff already in place at Stadium MK.
"To the MK Dons supporters, who I look forward to meeting very soon, I know this new era will represent change, but it can only be successful with your support, so I ask all of you to stand behind the club as we enter an exciting new season this weekend!"
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