The club was promoted back to the second tier after winning the League One title.
The Acun Medya Group has taken over Hull City.
The deal has been approved by the English Football League and Acun have taken control.
Fans protested about the way the club was run under Assem and Ehab Allam.
"We have many big dreams and goals to achieve together with our fans," said new owner Acun Ilicali.
The deal was announced about 90 minutes before the game.
The Allams have been looking to sell for a number of years but a number of deals have fallen through.
Ilicali was a sports reporter before establishing his own media company in 2004, which has developed into a worldwide production business, providing TV content for Europe and North and South America.
The Allam family bought the club in 2010 and it was reported that they had debts of over $30m.
Ehab Allam said that they were proud to be leaving Hull City on a strong and stable financial footing.
We have had a lot of ups and downs over the last 11 years or so, but we will take some very fond memories with us. We have been privileged to be a part of some of the greatest achievements in the club's history.
The time has come for a new owner to take over and I wish Acun and his team the best for the future.
"We have taken a very business-led approach to running the club and I hope Acun can rebuild the relationship with the fanbase and bring back the success on the pitch that fans crave and deserve."
Hull's fortunes on the field have fluctuated during the Allam's spell as owners, with the team reaching the Premier League in 2013 and an FA Cup Final the following year, where they lost 3-2 to Arsenal.
The plan to change the club's name was rejected by the Football Association.
They bounced back after being demoted from the top flight, but went down again in the following year.
After being demoted to the third tier in 2020, the Tigers won 27 of their 46 games last season and returned to the Championship.
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