Aston Villa have announced owner Randy Lerner has agreed a deal to sell the club to Dr Tony Jiantong Xia's Recon Group.
Lerner has agreed to sell 100 per cent of the ownership rights to Xia's holding company, subject to approval from the Premier League, for a reported £60million.
Villa, who finished bottom of the Premier League this season, have also confirmed that they will announce the appointment of a new manager imminently, with former Leicester City boss Nigel Pearson and ex-Chelsea manager Roberto Di Matteo reported to be the frontrunners.
"Aston Villa is pleased to announce that an agreement has been signed today for the sale of 100 per cent ownership by Randy Lerner to Recon Group owned by Dr Tony Jiantong Xia subject to the approval of the Premier League and the Football League," a Villa statement confirmed.
"Once those approvals have been granted and the new board members approved under the fit & proper rules of both leagues, Dr Xia will become Chairman of Aston Villa. The club will announce the appointment of a new manager shortly."