The take over has been finalized following months of negotiations and agreements.
The former Black Stars defender in a statement said all matters related to Wa All Stars will be directed to him and the new owners of the club.
READ ALSO: I wasn’t tasked to win anything- Hearts coach Kim Grant
Paintsil on his part expressed gratitude to Mr Nyantakyi for developing the club thus far.
The former Fulham player has also disputed rumour that Wa All Stars is pulling out of the Normalization Committee’s (NC) Special Competition.
“We wish to inform the general public that the said publication is false and should be treated as such,” Paintsil said in a statement.
He noted that the club in the coming days will release short to medium term plans for Wa All Stars.
“We will, in the course of time, outline the measures we will implement to ensure that the club becomes not only the best in Ghana but Africa,” the statement further said.
John Paintsil currently owns and coaches Jeoju FC, a third-tier side, based in Accra, Ghana.
READ ALSO: I wasn’t tasked to win anything- Hearts coach Kim Grant
He played 89 times for the senior national team. Paintsil during this period played at two FIFA World Cups and the Africa Cup of Nations.