Hartlepool United have agreed a deal in principle with local businessman Raj Singh for the takeover of the troubled non-league club.
Singh and his consortium reached agreement with the National League club last night, and the agreement could be confirmed later today.
Singh - who is the former Chairman of fellow north-east side Darlington before they were liquidated in 2012 - is looking for further investment to join his consortium, which already includes Sky Sports' Jeff Stelling.
Hartlepool have been working under a transfer embargo and Singh will appeal for this to be lifted once the agreement is ratified.
Hartlepool beat Barrow 2-1 last night, just hours before the deal was agreed. The win took them to 19th in the National League.
Former manager Craig Hignett is expected to be named Director of Football, with Matthew Bates continuing as manager.
Chairwoman Pam Duxberry said: "The heads of the terms have been agreed. The finer legal process is still to be agreed but both sets of legal teams are working through this."