Wigan Atheltic have finally agreed a takeover deal for the club with Bahrain businessman Abdulrahman Al-Jasmi after months of being in administration.
The Latics, who went into administration last summer, with the subsequent 12-point deduction relegating them to League One, said in a statement that an agreement had been reached with Phoenix 2021 Limited.
The deal is expected to be completed by March 31 at the latest and is still subject to EFL approval.
The club said: "We have agreed a sale of the club and related assets to Phoenix 2021 Limited and we are in the process of finalising the transaction.
"Contracts have been exchanged, a deposit has been received and it is envisaged that the sale will be completed by 31 March 2021 at the latest.
"The outstanding matters that need to be finalised to allow completion are practical matters around EFL membership and property transfers.
"The sale allows for non-football creditors to be paid a minimum dividend of 25p in the pound which avoids a 15-point penalty deduction for the club which improves the prospect of remaining in League One this season."
Wigan Administrator Paul Stanley speaks to ITV News about takeover
Phoenix 2021 Limited are a UK-based company owned by Abdulrahman Al-Jasmi, who will become the new owner of Wigan, subject to approval by the EFL board.
Talal Al-Hammad, the incoming chairman, said: "I am delighted that we have been successful in our negotiations with the administrators and that we are now able to help restore pride and belief with everyone associated with the club.
"To Latics fans everywhere, we can only guess at the amount of hurt and distress you have felt since the club entered administration and it is now our focus to stabilise its future and to illustrate why we believe we are the best ownership group for the club.
"We know that we will have to earn your trust through actions rather than words."
Wigan lie in the League One relegation zone on goal difference ahead of Tuesday's trip to bottom side AFC Wimbledon.