Notts County owner Ray Trew has reached an agreement to sell the club to businessman Alan Hardy.
The deal was announced after months of negotiations with several prospective owners and could see the club get a cash injection in time for the January transfer window.
Mr Trew announced his intention to sell earlier this year after six years at the helm.
In a statement the club said Mr Trew had decided a deal with Mr Hardy was “the best option for all parties” and will now “work towards finalising the agreement and completing the transfer of ownership in due course”.
Mr Hardy tweeted on Monday that he was “delighted” to have agreed terms.
I’m delighted to announce that I have agreed terms to buy Notts County FC. I am immensely proud & honoured & look forward to a great future
— Alan Hardy (@Bigalanh5) December 19, 2016
Mr Trew said: “It has been one of the hardest tasks of my time at Meadow Lane to find a successor to my tenure of the club, but I feel that in Alan Hardy the Notts County fans will have found someone who they can get behind and believe in to usher in a new era that I hope will bring success and happiness for all involved.”
The announcement comes as the Magpies face a court hearing on Monday over an unpaid tax bill.
Mr Hardy said: “As part of the agreement, I will be ensuring the club is able to settle a High Court hearing scheduled for Monday.
“There is still a considerable amount of work to be undertaken in the coming days and together with my team, we will be working around the clock to conclude our agreement and make a more formal announcement in the near future.
“I wish to emphasise my passion, desire and commitment to all Notts County supporters to drive this club forward.”
Mr Hardy is the chief executive of Nottingham company Paragon Interiors, an office refurbishment and fit out business.
Mr Trew took over Notts when they were on the brink of being placed into administration in February 2010, but announced he was stepping down as chairman earlier this year.
He cited “foul mindless abuse” from some fans angry at the side’s form among his reasons for the leaving the post.
He said of the new deal: “In handing over the reins of this great club, I am comfortable in saying that I have always given my all to the betterment of the world’s oldest football league club and whilst things haven’t always gone as I would have liked, I have enjoyed some incredibly memorable moments during my time at Meadow Lane and leave the club feeling incredibly proud of the fact that the fans still have a club that they can believe in and support on to bigger and better things in the future.”
Notts County currently sit 20th in League Two, having lost 2-1 away at Colchester on Saturday.
