In a statement issued by Syed's office, he informed that the deal had been approved by the regional government of Cantabria and Spain's national sports council(CSD).
He said in the statement, "I look forward to an active and long-term commitment to this great club and will invest all my knowledge and financial strength to elevate the club to the highest level of success in Spain and Europe."
The Spanish football club, popularly known as Racing, is now at the 14th position at the halfway stage of the season. It is just four points above the relegation places.
The club though not new to foreign control, is said to be under a debt of $190 million.
Racing founded in 1913, qualified for the UEFA Cup in the 2007-08 season, and had also reached the semi-final of the Copa del Rey in 2008 and 2010.