Pakistan-born billionaire Shahid Khan has agreed a deal to buy English Premier League club, Fulham FC.

Khan, who owns NFL team Jacksonville Jaguars, has been in talks with Fulham owner, Mohamed al Fayed for several days and the pair reached an agreement that will put the West London team under new ownership for the first time in 16 years.

The transaction, reported to have cost khan around £150 million, has been approved by the premier league and the tycoon assumes 100 per cent ownership of the club.

Khan is ranked 179th in the Forbes 400 list of richest Americans with an estimated worth of $2.5 billion after making his fortune as a car parts manufacturer.