U.S. owners have had spotty records in the Premier League -- think George Gillett and Tom Hicks at Liverpool -- so Fulham fans can only hope for the best.
Other Premier League teams currently owned by Americans are Manchester United, Arsenal, Aston Villa, Sunderland and Liverpool, with the latter now in the hands of John Henry.
"Fulham is the perfect club at the perfect time for me," Khan, in his early 60s, told Fulham's website. "I want to be clear, I do not view myself so much as the owner of Fulham but a custodian of the club on behalf of its fans.
"My priority is to ensure the club and Craven Cottage each have a viable and sustainable Premier League future that fans of present and future generations can be proud of.
"We will manage the club's financial and operational affairs with prudence and care, with youth development and community programs as fundamentally important elements of Fulham's future."
Fulham's first league game of the new season under Khan is an away trip to Sunderland on August 17.