Barnsley owner Peter Doyle has agreed a deal to sell the club to a consortium led by former Leeds chairman Peter Ridsdale.
Ridsdale and lifelong Barnsley fan Patrick Cryne, chief executive of the club's former sponsors iSoft, have been negotiating with Doyle since the summer.
The deal was ironed out during six hours of talks on Wednesday and with everything having been agreed in principle, there will now be a hand-over period as Ridsdale takes up a senior management role at the club.
Tykes fans will hope that the takeover will see the club move out of administration as soon as possible and see an end to the off-the-pitch turmoil which has dogged the Oakwell club since their relegation from the Premiership in 1998.
"The deal is excellent news for the club, its supporters, players and staff," Doyle told the club's website.
"It will mean that the club can move forward and develop the exciting start that has been made to the new season."
Doyle had agreed to sell the club to Sean Lewis, a California-based property developer, earlier this summer, but the footballing authorities refused to ratify the takeover attempt and Doyle remained technically in charge of the club.
Ridsdale stepped down as chairman of Leeds last March but his return to the game will be confirmed at a press conference on Thursday afternoon.
Ridsdale and lifelong Barnsley fan Patrick Cryne, chief executive of the club's former sponsors iSoft, have been negotiating with Doyle since the summer.
The deal was ironed out during six hours of talks on Wednesday and with everything having been agreed in principle, there will now be a hand-over period as Ridsdale takes up a senior management role at the club.
Tykes fans will hope that the takeover will see the club move out of administration as soon as possible and see an end to the off-the-pitch turmoil which has dogged the Oakwell club since their relegation from the Premiership in 1998.
"The deal is excellent news for the club, its supporters, players and staff," Doyle told the club's website.
"It will mean that the club can move forward and develop the exciting start that has been made to the new season."
Doyle had agreed to sell the club to Sean Lewis, a California-based property developer, earlier this summer, but the footballing authorities refused to ratify the takeover attempt and Doyle remained technically in charge of the club.
Ridsdale stepped down as chairman of Leeds last March but his return to the game will be confirmed at a press conference on Thursday afternoon.