Aston Villa have confirmed the sale of the club to Chinese businessman Dr Tony Jiantong Xia, subject to the approval of the Premier League and the Football League.
Recon Group, owned by Xia, has taken 100% ownership of the Midlands club from American billionaire Randy Lerner, whose spell as owner comes to an end after 10 years.
The completion of Xia's takeover will be subject to him passing the relevant owners' and directors' tests. According to BBC Sport, Xia has purchased the club for £60m.
Villa, who were relegated to the Championship following their dismal 2015-16 Premier League campaign, will appoint their new manager once the deal is finalised.
A statement from the club read: "Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100% 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.
"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."
Xia has an "immediate objective" of getting Villa back into the Premier League before once again challenging for a top six spot. The statement adds he "plans to make Aston Villa the most famous football club in China with a huge fan base."
Lerner, who bought the club in 2006, had come under increasing pressure from supporters during Villa's slide down the Premier League, culminating in the club finishing bottom of the table with just 17 points this season.
Their relegation saw them drop out of the top flight of English football for the first time since 1987, with Lerner later taking full responsibility for the club's malaise.
Nigel Pearson or Roberto di Matteo are currently the favourites for the vacant manager's job at Villa Park, following the departure of Remi Garde in March.