Red Bull's boss Dietrich Mateschitz said he wanted to take the struggling club to the top of European football.
"Seldom have we examined a decision for longer, or more closely, than that to move into Austrian and international football," Mateschitz said in a statement.
"Our goals are extremely ambitious and can only include long-term, permanent participation in the top European competitions."
Red Bull, which also owns a Formula One team, is based near Salzburg and the deal has been warmly welcomed locally, but Mateschitz has already said he won’t be writing blank cheques.
"Given the current state of the budget, it is certainly necessary to increase it somewhat. On the other hand, we will not allow the purchase of a group of international names at short notice with an exaggerated budget," he said.
"We need a healthy balance. The medium term goal must be to play in the European competitions, for which we need to be in a top position in the Austrian league."
Franz Beckenbauer will act as an adviser.
