Brian Marcar confirmed yesterday that he had completed the sale of his club, BEC Tero Sasana, to an undisclosed party.
"I have sold the club to a Thai investment group,'' Marcar said.
He would not name the group and declined to disclose the takeover sum.
Marcar, who owned the club for about two decades, said he sold the Fire Dragons because he was fed up with all the recent controversy.
Brian Marcar.
Once a giant in Thailand and Asia, BEC finished 16th in the Thai Premier League last season and were relegated.
However, BEC have filed a suit with the Administrative Court to award them a win against Bangkok United, who actually won 1-0, claiming that the opponents used more than the limited number of foreign players.
If the court rules in favour of BEC, the Fire Dragons would remain in the top flight.
Meanwhile, TPL side SCG Muang Thong United have signed three players from BEC on a one-year loan contract, Muang Thong chairman Pongsak Polanan said.
The trio are Thailand internationals Chanathip 'Messi Jay' Songkrasin, Tanaboon Ketsarat and Peerapat Notechaiya.
The Kirins have also signed Brazilians Junior Negao and Fabricio Silva.
Muang Thong recently sacked coach Dragan Talajic and brought in Totchtawan (formerly Tawan) Sripan as his replacement.
Pongsak said the new players should make the team stronger in their bid to reach the AFC Champions League group stage.
The Kirins will host Malaysian side Johor Darul Ta'zim in the ACL play-offs on Feb 2.
The winners will meet China's Shanghai SIPG, coached by former England manager Sven-Goran Eriksson, on Feb 9 for a place in the group stage.