The Sky Blues have had several financial struggles in recent years, including issues with the lease of their Coventry Building Society Arena home.
King has now purchased 85 per cent of the club, making him the new majority owner, with previous owners SISU Capital retaining 15 per cent.
A Stratford-upon-Avon-based businessman, King agreed to a purchase of Coventry in November and the deal was signed off by the EFL on Tuesday, making the club debt free in the process.
"I am honoured and excited to be taking this club forward into its next chapter," King said following the announcement.
"To get this deal ratified in just over six weeks and over the Christmas period was a great effort from all involved.
"Already I have been struck by the enthusiasm of Sky Blues fans, with many personally wishing me well and I thank them for those sentiments.
"I am looking forward to the future of this great club and what we can achieve together."
King previously failed to buy the CBS Arena, with former Newcastle owner Mike Ashley instead purchasing the 40,000-seater stadium.
Coventry currently sit 14th in the Championship table having been promoted in 2020 after the season ended prematurely due to the coronavirus pandemic.
The club have not played in the top-flight since being relegated from the Premier League in 2001.
On Tuesday, they signed England Under-20 defender Wilson-Esbrand on loan from Manchester City for the rest of the season.
The 20-year-old left-back has made two Champions League substitute appearances for Pep Guardiola's Premier League champions this term.
He joined City from West Ham's academy in 2019 and was handed his senior debut in last season's 6-1 Carabao Cup success over Wycombe.
Sky Blues boss Mark Robins told his club's website: "He is a very talented footballer, with pace, power and technical ability, and a lot of potential.
"He has been in and around the first-team set-up at Manchester City over the last 12 months. We're looking forward to working with him."
Coventry return to action at leaders Burnley on Saturday after being knocked out of the FA Cup by non-league Wrexham at the weekend.