Vincent Tan has bough KV Kortrijk in Belgium for a fee thought to be around 5m euro.
Tan already owns Cardiff and and a club in Sarajevo as well as having a stake in Los Angeles FC.
A statement on the club's website said: "The De Gryse family and Vincent Tan have both prioritised the continuation and long-term preservation of an ambitious first division side in Kortrijk,"
"A number of clear arrangements have been made to ensure the club will maintain its individuality."
The statement added that Tan will not make any significant changes to the running of the club nor its management.
Ken Choo, Cardiff City's chief executive, will serve as a director for Kortrijk.
He said Kortrijk's owners - the De Gryse family - have signed "an agreement" with Tan "regarding the sale of shares" in the club.
"Both the De Gryse family and Tan Sri Vincent Tan prioritise the local anchorage of the club and want to secure an ambitious Pro League side in Kortrijk for the long term," Mr Choo said in a statement.
"A number of clear arrangements have been made to ensure that the club maintains its identity, while the daily management of the club will not change.
"All existing agreements shall be honoured. Moreover, Tan Sri Vincent Tan is very happy with the incumbent management and the way the club is presently run.
"Tan Sri Vincent Tan sees clear potential for further growth and shall visit the club shortly to give further explanations of his vision."
The Belgian fans are a little cautious. While happy for the investement they know of Tan's recent history.
Journalist Hermine Van Bayvren from VRT - Flanders public broadcasting, says supporters hope they will not be any strange changes for their club.
"It's a club that's not in debt so maybe that's is the reason Mr Tan wants to buy the club," she said.
"There will definitely be no changes in the colours of the club because they already play in red and white.
"They are happy with the investment but also maybe a little bit afraid because he is an eccentric owner and they don't want him to do anything weird with the club."
Anyone have any idea what Tan's long term goal is? Will teams like Sarajevo and Kortrijk ever get global recognition?
At least Cardiff, if promoted again, would be playing in one of, if not the most watched football league in the world.