"It's my vision to combine the best of the fantastic traditions of the Premier League with the flair and innate professionalism of the continental game," said Al Fayed.
"I hope this vision will return Fulham to its tradition of playing attractive, passing football.
"I believe that Roy has immense experience in all areas of football and can drive this club forward for the long term.
"My commitment to this club has never dwindled and I'm more than ever determined that we have the right man to turn round our current predicament and build for a successful future."