Aston Villa have reached agreement for American billionaire Randy Lerner to take control of the Premiership club, they announced in a statement to the Stock Exchange.
Lerner's takeover values the club at £62.6million and brings to an end Doug Ellis' 24-year reign as chairman.
Ellis, 82, said: "It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder. The club has been an enormous and immensely enjoyable part of my life."
He added: "I wish to thank the many staff at Aston Villa over the years for making the club what it has been and what it is. I am sure that this transaction will be the beginning of a new chapter in Aston Villa's proud history."
The Villa board have recommended unanimously that the offer be accepted by shareholders.