All due diligence and legal matters have been resolved, meaning that, Ellis has become the sole owner.
"I’m absolutely delighted to get the deal over the line,” he said.
"I can’t wait to now get started with the task in hand of getting the club back into Super League and at the top end of the table challenging for trophies.
"It’s a real honour to be part of such a historic club and fulfils a personal ambition to be owner of the club I support.
"With 150 years of proud history with huge successes behind us, my promise to the supporters is that I will give 100 per cent to restore the club to its glory days.
"I want next season to be successful on and off the field and have already got to work setting plans in motion to ensure a successful 2024 for the club."
Ellis’ first move has been to appoint former Castleford Tigers, Warrington Wolves, Featherstone Rovers and Leeds Rhinos boss Daryl Powell on a four-year deal to take over as head coach.
Powell will be joined by new recruitment and salary cap manager Steve Mills – his analyst at Castleford and Warrington – and David Tucker, who has been appointed as general manager to oversee all off-field operations.
Ellis has sensed a determination from Powell to put a difficult spell at the Halliwell Jones Stadium behind him.
He explained: "Having had many conversations with Daryl over the last few months, I can assure you all that he is hungry for success and both my own and Daryl’s ambitions are aligned.
"I feel this is the perfect role for Daryl with a big rebuild and he will thrive in the challenge. I know that we will see the best Daryl has to offer."
Ellis has promised a series of new signings and deals for existing stars set to be announced and has pledged to slash season ticket prices in a bid to boost attendances.
Player facilities will also be improved with the installation of a recovery room equipped with plunge pools and saunas.
The millionaire owner of DIY Kitchens is confident Trinity will be well placed under the new grading system coming in for Super League next year.
He added: "I believe that with the additional investments made in the club, coupled with the skills I’ve learnt from running my online business for 20 years, I am best positioned to secure the highest possible IMG score for the club.
"A high score will enhance the club’s reputation, potentially attracting higher-calibre players, sponsorships and partnerships.
"Over the coming months and years, we will create a team you and the supporters across the city of Wakefield will be proud to come see succeed week in, week out.
"I hope as many of you as possible get behind the club, enjoy yourself at the ground and have a great time on our journey together in this new era for Wakefield Trinity."