After a week of sustained reports, the Cottagers confirmed a deal had been struck with Khan, billionaire owner of the Jacksonville Jaguars.
It brings Al Fayed's 16-year reign at Craven Cottage to an end - a period in which his money helped transform the west Londoners from a third-tier outfit to an established Premier League side.
Such generosity and support means the former Harrods owner is adored by Fulham fans, with more than 1,300 of them signing a petition to rename the Riverside Stand the Mohamed Al Fayed Stand.
"I would absolutely be open to that," he told Press Association Sport when asked about renaming the stand. "I think we have to honour him, we have to respect what he did.
"That would be something we want to think about, but absolutely I would be open to that and everything.
"I think he has an incredible legacy here. I think if you are a Fulham fan, you understand that. How important that is, what the man did for this club.
"I have a huge amount of respect for that and it's history. I think we have to respect it but we have to move forward."
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