Bahrain-based Syed, who had once been in talks with Blackburn Rovers last year about a proposed takeover of the Barclays Premier League side, reached an agreement to become Racing`s majority shareholder in Zurich on Friday.

Speaking at Racing`s El Sardinero ground today, Syed, the founder of investment firm Western Gulf Advisory, said: "It`s an honour to take control of a club so rich in history and heritage.

"It`s time for hard work, not for promises, but my objective is to lead Racing to great levels and raise its brand at a national and international level."

Racing are currently 16th in the Primera Division standings and play host to Valencia on Monday night.