Former Watford owner Laurence Bassini has agreed a deal to buy Bolton Wanderers subject to English Football League approval.
Bassini is understood to have paid a nominal amount to Ken Anderson for shares in Burnden Leisure up front and has vowed to clear up outstanding bills, including players and coaching staff wages.
Anderson, who is in the US, had considered placing the business into administration this week.
The agreement will also give Bassini full control of the hotel at the University of Bolton Stadium.
'Significant funds' will be made available to pay outstanding wages and long-term creditors, a statement said.
In 2013, Bassini was given a three-year ban from being involved in a position of authority with any EFL club.
A club statement said: '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.
'We are sure supporters will be very pleased to understand that as part of the transaction, all of the existing loans to the club will be settled in full and the associated charges removed, meaning the business will be debt free for the first time in many years.'
Outgoing chairman Ken Anderson said: 'I am very pleased to hand over ownership of this great club to Laurence, I wish him and all of our supporters the very best for the future.'