King, CEO of Stratford-upon-Avon based Yelo Enterprises, acquired an 85% stake in the club from previous owners SISU Capital Ltd and the purchase has been ratified by the English Football League (EFL), Coventry said in a statement.
"To get this deal ratified in just over six weeks and over the Christmas period was a great effort from all involved," King said.
"Already I have been struck by the enthusiasm of Sky Blues fans, with many personally wishing me well and I thank them for those sentiments."
Coventry had received a stadium eviction notice from their ground's new owners Frasers Group in November, who acquired the Coventry Building Society Arena from administrators.
A new licence agreement, however, was signed in December.
Coventry accepted a suspended five points deduction before the end of the year, after three of their Championship home games had to be postponed earlier this season because of the unplayable condition of their pitch.
They are currently 14th in the 24-team Championship table.
