Sheffield Wednesday have announced that ownership of the club will pass from Milan Mandaric to Hafiz Mammadov.
The two parties have agreed on a deal that will see the Owls purchased by Azerbaijani businessman Mammadov, who already owns French Ligue 1 side Lens.
"I am a passionate football fan with enormous respect for English football," Mammadov, founder and chairman of the Baghlan Group, told the Owls' website.
"I have been looking at investing in England for some time but I was determined to find the right club. I am hugely ambitious and feel the Owls match my passion and desire for success and represent our motto of Azerbaijan Land of Fire.
"I promise the supporters I will work extremely hard to bring the success everyone so rightly craves."
Mandaric, who took over at Hillsborough in 2010, said that he had "no doubt" that he had made the right move.
"[Mammadov] is a true football man and I have no doubt whatsoever that I am handing over control to someone with a real passion for the game and the ability to carry on the work I started three years ago to return Sheffield Wednesday back to the top division of English football," added Mandaric.
The takeover will still need to be ratified by the Football League before Mammadov can take full control of the Championship club.
