Watford owner Gino Pozzo has sold Granada to Chinese firm Link International Sports.
Jiang Lizhang, the owner of Link International Sports, becomes the majority shareholder of the Spanish club after the €37m takeover.
The Pozzos, who helped take Granada into the top flight after buying the club in 2009, will now concentrate on running Udinese and Watford.
Granada avoided relegation from La Liga last season after finishing in 16th place.
Lizhang told the Granada website: "We acknowledge the work done by Gino Pozzo, in what has been a brilliant run after leading the club from Segunda B to the Primera Division. And Quique Pina [president], for the dedication and work to leave Granada at the highest possible level all these years.
"Our goal is to enhance all areas of the club to continue making our own history in the league and to get as far as possible."
The Hornets signed Abdoulaye Doucoure and Adalberto Penaranda in the January transfer window with the pair spending the end of the season on loan at Granada.
Watford are also expected to confirm the signing of Granada striker Isaac Success this summer.
But according to a Spanish source future deals between Watford and Granada for players could still continue despite the takeover.
Jiang Lizhang, owner of Link International Sports Limited, has today become the majority shareholder of #GranadaCF. pic.twitter.com/ePj9VVKs6A
— Granada C.F. (@GranadaCdeF_en) June 14, 2016
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