Former Leeds owner Andrea Radrizzani reached an agreement in June to sell his stake to the 49ers group, the investment arm of the NFL franchise San Francisco 49ers who have been a Leeds shareholder since their initial investment in May 2018.
Paraag Marathe, previously Leeds vice chairman, would take over as chairman from Radrizzani, Leeds said.
"This transition is a necessary reset to chart a new course for the club," Marathe said in a statement.
"We have already appointed a highly respected First Team Manager with a track record of success, and we are confident Leeds will field a competitive squad to contend for promotion next season.
"We have a responsibility to ensure this club makes our staff, players, supporters and the Leeds and Yorkshire communities proud."
Leeds appointed former Norwich City boss Daniel Farke as their new manager two weeks ago, on a four-year contract, to replace Sam Allardyce who left the club by mutual agreement following their relegation from the Premier League.
German Farke led Norwich to the Premier League in his second season before they were relegated back to the second tier in 2019-20. They won the Championship and secured an immediate return to the top flight in 2020-21.
"It has been an honour to guide Leeds United over the last six years and to spend so much time with the best fanbase in the world," Radrizzani said.
"49ers Enterprises have been fantastic partners for years and I'm confident they will take Leeds to the next level."
The statement did not say whether the Italian, who is also chairman and founder of sports broadcasting group Eleven Sports, would still be linked to the club.
