Leeds United have confirmed that they have sold a 75% stake of the club to Massimo Cellino's company Eleonora Sport Ltd.
The Italian businessman's impending takeover of the Championship outfit has been met with controversy following their failed attempts to sack manager Brian McDermott.
The former Reading boss has since been reinstated, and despite the initial uncertainty surrounding Cellino's bid, current owners GFH Capital have confirmed that a deal has gone through, subject to Football League approval.
GFH managing director Hisham Alrayes said in a statement: "We are delighted to have reached agreement with Massimo Cellino and Eleonora Sport Ltd who share our determination to move the club forward.
"Despite media and market speculation, we have refrained from making any official comment on this matter until this point when contracts have been exchanged. We understand that the speculation has been unsettling for the fans and, even though it was not of our making, we apologise to them for that.
"We are happy now to inform them of the accurate position with regard to the new ownership which will, we believe, enable the club to achieve promotion in the shortest realistic time possible."
McDermott recently stated that he wants to remain as Leeds boss, despite the takeover.
