Fans' group Pars United have been named as the preferred bidder for Dunfermline Athletic FC and East End Park stadium.
The football club and the separate company that owns the stadium are both in administration.
Pars United and an anonymous bidder had submitted formal offers for the club.
The preferred offer will now progress to a creditors meeting, where the club will hope to avoid liquidation by agreeing a company voluntary arrangement.
A winding-up order brought about by an unpaid tax bill of £134,000 pushed the Fife club towards administration in March.
That process was formalised the following month and a 15-point penalty was incurred. Jim Jefferies' side were eventually relegated to Scottish Division Two via the play-offs.
Dunfermline have debts of around £8.5m, most of which is owed to majority shareholder Gavin Masterton.
The club's joint administrator Bryan Jackson, of BDO, told the Dunfermline website: "I am glad that we are now able to announce a preferred bidder for DAFC.
"This means that we can now move the process forward with Pars United who have worked hard over the last few weeks and are now in the driving seat regarding the club.
"We will work closely with them as we present their bid to the creditors and, hopefully, win their backing to push for a CVA [company voluntary arrangement] within the next few weeks."
KPMG are the administrator of the company which owns East End Park.
Bob Garmory from Pars United said: "It cannot be understated what a monumental effort the Pars fans have undertaken to get to this stage.
"We are very hopeful that the forthcoming meeting of creditors will now vote in favour of the CVA. This will allow Dunfermline Athletic to begin a rebuilding process under a wide spread of supporter ownership.
"There is still, however, a tremendous amount of work to be done in the short, medium and long terms. We are confident that, now that there is greater clarity about the future ownership of club and ground, the supporters will step forward in ever greater numbers."