Former Watford owner Laurence Bassini has agreed a deal to buy Bolton, subject to approval from the English Football League.
A statement from the Championship club read: "Bolton Wanderers Football Club are delighted to announce that a sale and purchase agreement has been signed which will see Ken Anderson's shareholding in Burnden Leisure Limited being sold to Mr Laurence Bassini.
"This agreement will give Laurence Bassini full control of Burnden Leisure Limited and of course both Bolton Wanderers Football Club and Whites Hotel.
"The change of ownership requires approval by the English Football League before the deal can be finalised. The financial terms of the transaction will remain private and confidential between the parties."
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Bolton have been given two weeks to settle their debts and avoid a winding-up order, a High Court hearing in London has ruled.
The Sky Bet Championship club has won a reprieve with the hearing adjourned until April 3.
Bolton, issued with a winding-up petition by HM Revenue & Customs in February over an unpaid tax bill for £1.2million, faced administration or liquidation, but now have two weeks to find a buyer.
Barrister Hilary Stonefrost, representing Bolton, told the court the club has a potential buyer lined up who "already owns a major stake in a high-level football club".
She asked for a 14-day adjournment to give the club time to complete a sale and settle its debts.
Judge Clive Jones, sitting in the Insolvency and Companies Court in London, adjourned the case until April 3.
Bolton chairman Ken Anderson claims all club staff and the police will be paid in time for this weekend's home game against Millwall to go ahead.
The game at the University of Bolton Stadium is in doubt after the club failed to pay any staff their February wage. Part-time matchday staff, including safety stewards and turnstile operators, are considering not working on Saturday because of the issue.
"I have decided to continue to financially support the club until someone else comes in and have today told payroll to process the staff salaries and to pay any amounts due to the police and others to ensure that the Millwall fixture and future games go ahead," Anderson said in a statement.
The Sky Bet Championship club had been given just under 24 hours on Tuesday to assure Bolton Council that safety provisions would be in place during a meeting that was also attended by the emergency services and Greater Manchester Police, who are owed money by Bolton.
Wanderers, second bottom in the table and eight points from safety, have faced several winding-up petitions from HMRC in the past 16 months and are due back in the High Court again on March 20.
The club closed their training ground on Monday because of a lack of food and fuel and the players, most of whom had been given the day off, reported back for training on Tuesday.
Anderson, who said he hoped to complete the sale of the club this week, said: "I can now understand why (former owner) Ed Davies decided to stop financially supporting the businesses back in 2015 after losing circa £200million.
"I had to put a further £800,000 in to pay the salaries in January as I have done on many other occasions.
"Obviously, I am concerned, disappointed and deeply regret that I had to take the decision to delay paying the staff salaries on time last month, which is the first time this has happened during my ownership and apologise unreservedly to all the staff and sincerely thank them for their continued support and patience, but it is difficult to accept putting a further £1million into a club that does not want you there and worse still it is not safe to even go to the club."
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Bolton have avoided administration after agreeing a deal to pay off their main creditor, chairman Ken Anderson has announced.
Anderson had warned the Championship club faced administration after an initial offer to repay BluMarble Capital Ltd was rejected.
But he issued a statement on Wednesday afternoon which read: "I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid.
"I am also pleased to be able to confirm that the loans to both PBP (Michael James) and Brett Warburton have been extended on better terms for the club.
"I was also able to reschedule and reduce a number of other club liabilities which in all have reduced future costs and liabilities by circa £1.5million."
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The referee in the League One clash between Port Vale and Bolton Wanderers has taken the players off the pitch following fan clashes.
Carl Boyeson decided to take the players off when opposing fans clashed on the pitch after Bolton fans celebrated their opener from David Wheater which could send them into the Championship.
Visiting supporters invaded the Vale Park pitch but were quickly greeted by home fans, with clashes ensuing.
The players were brought back on after the stoppage.