Leeds owner Ken Bates has announced Bahrain-based investment bank GFH Capital will complete a 100% takeover of the club on December 21.
Bates, 80, who took control of the club just short of eight years ago, confirmed the first part of the takeover had been completed and he will stay on as chairman until the end of the season to help the new owners during a transitional period.
"We have now completed all the negotiations and investigations with GFH and we've now completed the first part of the purchase and that happened at 10.30pm last night," Bates told Yorkshire Radio.
"Put briefly, they're taking over 100% of the club, as I say the first part was completed at 10.30pm last night and it will be totally completed on December 21.
"Meanwhile there's a transitional period in which they get to know more about the club."
Bates also confirmed that he will be taking on a new role as club president at the end of the season, while one GFH representative, David Haigh, would be joining the club's board immediately, with three more new directors in place before Christmas.
Bates said: "Quite simply they (GFH) will be providing additional working capital for the club and they are also providing funds to strengthen the team.
"Infact there's already been a small injection this morning as far as working capital is concerned.
"Nothing has changed, I will continue as chairman until the end of the season when I look forward to handing over to my successor and become president and sitting back perhaps, taking a bit more time off and enjoying what has been eight years of very hard work."
The total cost of the deal to buy Leeds has been reported at £52million.