A method, device and system for configuring multifunction I/O device adapters connected to a bus utilizes a slot owner configuration register to identify the ownership of each function slot within the multi-function I/O device adapter. An intelligent I/O device adapter or controller within the multi-function I/O device adapter may control other I/O adapters located in other function slots through the information provided in the slot owner configuration register. Ownership of each slot is initially set, upon power up, to the host unit or processor complex. Thereafter, each intelligent I/O device adapter or controller determines the presence of adapters at other function slots to be controlled, and records this information in the slot owner configuration register.