Chinese businessman Dr Tony Xia has agreed to buy relegated Aston Villa for £60m.
The deal, which is subject to Football League approval, would see Xia take 100% ownership and become chairman.
American billionaire Randy Lerner, who bought Villa in 2006 for £62.2m, put the club up for sale in 2014.
A club statement said Lerner “sought the right owner to take care of the club and restore fortunes” and believes Xia is an “excellent choice”.
The Midlands club’s new manager – likely to be Nigel Pearson or Roberto di Matteo – will be announced shortly.
Xia needs to gain Football League approval and provide proof of finance before formally completing his takeover.