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GFH Capital are closing in on their takeover of Leeds after agreeing a deal with the Championship club.
The Bahrain-based based investment bank have been in talks with chairman Ken Bates for weeks, but the club on Thursday have confirmed they have finally come to an agreement and the relevant documents are being sent to the Football League for ratification.
A club statement read: "GFH Capital have announced that they are in exclusive negotiations with Leeds United in respect of the proposed acquisition of the Club.
"The relevant agreements are being processed by the respective legal teams and information supplied to the Football League as required under their regulations."
Former Chelsea chairman Bates, 80, who took control of Leeds in 2005, has become increasingly unpopular with a growing number of fans due to a perceived lack of investment in the playing squad.
In April last year Bates announced he had bought a controlling 72.85 per cent stake of the club's shares from a Geneva-based company, Forward Sports Fund, while the club have made pre-tax profits of more than £10million since the summer of 2007.