Bolton Wanderers have agreed a £7.5m takeover deal with the Sport Shield consortium, headed by former Trotters striker Dean Holdsworth.
The financially crippled club, who are second bottom of the Championship, were due in the High Court on Monday over a £2.2m unpaid tax bill. However, they had their winding-up order adjourned until 7th March, so that a deal can be completed, subject to Football League approval.
After months of talks, Holdsworth’s consortium were recently given exclusivity to go ahead and complete the takeover.
Holdsworth, who represented the club 158 times over a six-year spell, told the Bolton News: “It’s a great day and I’m absolutely honoured to be a part of this club again.
“More importantly it lets the people who have been at this club through thick and thin look forward to the future.
“I can’t put into words what a tough process this has been.
“We shouldn’t have been talking about saving a football club, but to do it makes this a very special thing for us.”
Bolton’s Financial Advisor, Trevor Birch, added: “Whilst this continues to be a challenging time for everyone associated with the club, we are confident that this adjournment will give us the necessary time to conclude a transfer of ownership of the club, subject to approval from the Football League.
On Friday, Bolton sold their Euxton training ground to local rivals, Wigan Athletic, for £2.5m.