Notts County Football Club can confirm that owner Ray Trew has reached an agreement with local businessman Alan Hardy over the sale of the club.
Having held discussions with a number of prospective buyers in recent months, Mr Trew feels that a deal with Mr Hardy was the best option for all parties and will now work towards finalising the agreement and completing the transfer of ownership in due course.
Mr Trew, who took over Notts when they were on the brink of being placed into administration in February 2010, said of the deal: "It has been one of the hardest tasks of my time at Meadow Lane to find a successor to my tenure of the club, but I feel that in Alan Hardy the Notts County fans will have found someone who they can get behind and believe in to usher in a new era that I hope will bring success and happiness for all involved.
"In handing over the reins of this great club, I am comfortable in saying that I have always given my all to the betterment of the World's Oldest Football League Club and whilst things haven't always gone as I would have liked, I have enjoyed some incredibly memorable moments during my time at Meadow Lane and leave the club feeling incredibly proud of the fact that the fans still have a club that they can believe in and support on to bigger and better things in the future.
"I would like to thank everyone who has played any part in the running of Notts County during my time at the club, there are far too many to name, but I hope that they know how much I appreciate the hard work and commitment that they put in to ensure that Notts battled through thick and thin over the years that I was at the helm.
"Football is an industry like no other and I have learned some valuable lessons along the way, but I wish Alan and everyone associated with Notts County all the very best for the future and hope that they bring the success that we all crave for the club over the coming years."
Mr Hardy was delighted to have reached an agreement over the purchase of the club, saying: "I am delighted to confirm that I have reached an agreement with Ray Trew to purchase Notts County Football Club.
"This follows a series of discussions over the weekend. As part of the agreement, I will be ensuring the club is able to settle a High Court hearing scheduled for Monday.
"There is still a considerable amount of work to be undertaken in the coming days and, together with my team, we will be working around the clock to conclude our agreement and make a more formal announcement in the near future.
"I wish to emphasise my passion, desire and commitment to all Notts County supporters to drive this club forward."
Notts County will be making no further comment on the sale of the club until the deal is finalised and ratified.