Yeovil Town FC have agreed a deal to sell the club to a new shareholder.
The club, which was relegated at the end of the most recent season has declined to name the new owner until the deal is formally closed.
Following the selection of the bidder, the club is to move to appoint a new first team manager in the coming days, with the new owner to be subsequently revealed.
Club chairman John Fry said: "We have been working exceptionally hard to identify the right bid and this has been a challenging task as there were a number of legal and financial points to overcome.
"The deal we are announcing today is subject to the normal League and due diligence procedures, but all parties will now be working together to try and complete formalities as quickly as possible.
"Today’s news ends the recent period of uncertainty and what I am sure will be an exciting future for the club. I would like this opportunity to thank our supporters for their patience, during this challenging period."