Notts County have confirmed that the club will be taken over by Nottinghamshire businessman Alan Hardy.
The League Two club were due in court on Monday to face a winding-up petition over outstanding debts, but this has been adjourned to February 6.
After protracted negotiations lasting several months, current owner Ray Trew - who put the club up for sale in February - has agreed to sell his 100% stake to Hardy, who is a Magpies fan.
"I am delighted to confirm that I have reached an agreement with Ray Trew to purchase Notts County Football Club," Hardy is quoted by Sky Sports News as saying.
"This follows a series of discussions over the weekend. As part of the agreement, I will be ensuring the club is able to settle a High Court hearing scheduled for Monday.
"There is still a considerable amount of work to be undertaken in the coming days and, together with my team, we will be working around the clock to conclude our agreement and make a more formal announcement in the near future. I wish to emphasise my passion, desire and commitment to all Notts County supporters to drive this club forward."
Notts County have lost their past six League Two matches and currently sit 20th in the table.
