The fan-based consortium Valiant 2001 have finally had their bid to take over Port Vale accepted after a creditors meeting on Thursday.
The bid has the backing of Vale chairman Bill Bell, who will relinquish control of the club and lose in excess of £500,000 by supporting the offer.
Vale have won just one of their last six games
Valiant 2001 only have to tie up loose ends before they can formally be announced as the new owners.
Consortium member Bill Bratt said: "We've had the bid accepted and, if we can complete everything within the timescale the administrators have given us, we will own the club.
"We don't own the club yet, but we are 99% of the way there.
"I'm personally feeling delighted but also apprehensive. Mr Bell has backed us all the way - if he hadn't we wouldn't have been able to go ahead.
"But the real work starts now. We'll be holding meetings with all the members of staff, basically to tell them that if they do right by us, then we'll do right by them.
"We've achieved this whole thing together, and everyone is pleased with the outcome."
The Second Division club were placed into administration before Christmas with debts totalling around £2m.
Brian Horton's side are just above the relegation zone after recording just one win in their last six games.