Swindon Town will avoid administration after agreeing a takeover by a local consortium, subject to Football League approval.
The group, who will write off most of the club's £13m debt, is understood to be led by Banbury owner Jed McCrory.
It was revealed earlier this month that Town owner
Andrew Black was putting the League One club up for sale
because he was no longer willing to invest.
McCrory assumed control of Southern League side Banbury six months ago.
The Swindon saga
- 6 October 2012
- Placed under Football League transfer embargo for breaking limits on wages and fees
- 15 October
- Jeremy Wray, who appointed Paolo Di Canio, is replaced as chairman by Sir William Patey
- 6 November
- Transfer embargo lifted
- 3 January 2013
- Patey tells BBC Wiltshire no money will be made available for signings
- 7 January
- Di Canio says he will offer up to £30,000 of his own money to keep players on loan
- 17 January
- It is revealed owner Andrew Black has put the club up for sale and was considering entering administration, with debts to investors thought to be £9m. Financial advisors appointed.
- 25 January
- BBC Wiltshire reveal Patey will quit when the club is sold
- 30 January
- Swindon are sold to a local consortium, understood to be led by Banbury United owner Jed McCrory, subject to Football League approval.
No other names involved in the consortium have yet been revealed.
Owner Black was part of a group - including
former chairman Andrew Fitton
and businessman Sir Martin Arbib - which took over Swindon in 2008.
Upon their appointment, the consortium paid off a £900,000 bill to Revenue & Customs to effectively save the club from going under.
Fitton was replaced as chairman by Jeremy Wray in 2011, following their relegation to League Two and shortly before the arrival of manager Paolo Di Canio.
The club secured promotion as champions under Di Canio last season and now sit third in League One, but their financial situation has come under scrutiny in recent weeks after Black's decision to sell up.
It was thought around £9m was owed to investors - with total debts amassing £13m - and the club had considered entering administration in a bid to wipe out the unsecured debt.
Swindon have already appointed advisors to restructure their finances and a letter had been sent to every club in the Football League stating that all Swindon players were for sale
with star winger Matt Ritchie joining Bournemouth.
It is thought meetings have already taken place to discuss whether money will be made available to Di Canio to strengthen his squad before Thursday's transfer deadline.
Speaking last month, the club's current chairman Sir William Patey, who is
set to leave his position when the new owners are confirmed,
insisted the club had
no money to spend on big signings.