Bolton have agreed a sale to former Watford owner Laurence Bassini, subject to approval from the English Football League.
"Significant funds" will be made available to pay wages and some creditors before the deal is ratified, with all debts to HRMC and suppliers settled once it has been completed, according to the club.
Outgoing chairman Ken Anderson revealed his delight at striking a deal with Bassini, with the club overcoming the threat of a stadium closure this month.
"I am very pleased to hand over ownership of this great club to Laurence," said Anderson. "I wish him and all of our supporters the very best for the future."
Bolton have also struggled on the pitch this season, losing five of their last six games with the prospect of relegation on Friday if they lose to promotion-chasing Aston Villa.
Earlier this month players staged a 48-hour strike after receiving their wages late for the second month in a row.
A statement from the club read: "Bolton Wanderers Football Club are delighted to announce that a sale and purchase agreement has been signed which will see Ken Anderson's shareholding in Burnden Leisure Limited being sold to Mr Laurence Bassini.
"This agreement will give Laurence Bassini full control of Burnden Leisure Limited and of course both BoltonWanderers Football Club and Whites Hotel.
"The change of ownership requires approval by the English Football League before the deal can be finalised. The financial terms of the transaction will remain private and confidential between the parties.
"Prior to the ratification by the EFL, significant funds will be immediately be made available to the club enabling the payment of the outstanding wages to the players and coaching staff along with a number of the long term creditors.
"Once completion has occurred, all the long terms debts to HMRC and suppliers will be settled."
PA Sport also contributed to this report
