Liverpool can look forward to a virtually debt-free future after New England Sports Ventures completed the £300 million takeover of the club to conclude a frenetic week.
New owner John W Henry said he was "proud and humbled" by the responsibility of taking on the club, and stressed a priority would be to develop a winning team.
The shadow of former owners Tom Hicks and George Gillett still hangs over the club despite their defeat in a legal battle to stop the takeover - and they are promising to sue for more than £1billion.
For most Liverpool fans, just the confirmation that the hugely unpopular three-and-a-half-year reign at the club is over is cause to pop the champagne corks.
NESV, also owners of Boston Red Sox, said the club's debt servicing costs - Hicks and Gillett had owed £280million to the Royal Bank of Scotland - would drop from £30million a year to £2million-£3million.
Henry, the principal owner of NESV, said: "On behalf of the entire NESV partnership, I want to express how incredibly proud and humbled we are to be confirmed as the new owners of Liverpool FC."
However Henry will not attend Sunday's Merseyside derby away to Everton, and said: "I think it's better for our first experience with the supporters to be at home."
That leaves the October 24 match against Blackburn as his likely first appearance at a Premier League match, by which time he will have begun getting to grips with his new responsibilities.
Tom Hicks and George Gillett have however threatened to launch another legal action which could prove destabilising.
A statement from Hicks' and Gillett's New York representatives announced they were suing over "an extraordinary swindle".
Steve Stodghill, the Texas lawyer representing the duo, said: "This outcome not only devalues the club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued.
"Mr Hicks and Mr Gillett pledged to pay the debt to RBS so that the club could avoid administration that was threatened by RBS. That offer was rejected.
"It is a tragic development that others will claim as a victory. This means it won't be resolved the way it should be resolved."
