The third son of former Koc Group chairman Rahmi Koc, Ali Koc has promised to use his business contacts to reinvigorate the club.
His eldest brother Mustafa, the former Koc Group chairman, died in 2016. His other brother Omer currently leads the group.
Forbes magazine this year estimated that family patriarch Rahmi Koc has a fortune of $1.76 billion.
Some commentators have compared the Fenerbahce election to Turkey’s presidential polls on June 24, where President Recep Tayyip Erdogan is seeking a new term after 15 years in power in the face of a strong challenge from secular opposition candidate Muharrem Ince.
Erdogan has sent a telegram of congratulation to Ali Koc, the presidency said in a statement.