Former Celtic scouting chief John Park will become football director at Falkirk as part of an ambitious multi-million pound takeover of the League One club.
The Bairns released a statement on Friday afternoon revealing they had entered detailed negotiations with English businessman Mark Campbell.
An initial seven-figure cash injection will see Park given funds to strengthen the playing squad if the takeover is completed before the end of the transfer window.
Park, who is credited with finding talents including Virgil van Dijk , Victor Wanyama, and Moussa Dembele for Celtic , will work with Bairns boss Ray McKinnon on identifying targets.
Crucially the new regime would reinstall a youth set-up two years after Falkirk controversially withdrew funding from their academy due to financial reasons.
Park said: “I am looking forward to working with the football management team and revitalising the development of talented young players to come through the first team, as Falkirk has been well-recognised for in the past.
"Youth development will be an essential part of the club’s future.”
Falkirk suffered relegation to the third tier of Scottish football in May after a torrid season in the Championship .
They hope the takeover can begin a drive back to the top level of the Scottish game.
Campbell's bid was one of three considered by the board and major shareholders - including one of fan ownership.
"Two other bids were received, including a well-researched and well-presented fan ownership proposal which was detailed and impressive, but did not match the exceptional vision and the financial strength of the proposal the board is now considering in detail," the statement said.
Campbell, who is still to complete diligence and finalise negotiations, sees "huge potential" in the Bairns.
He said: "I've looked at a number in England and Scotland, but when I was introduced to Falkirk I saw huge potential and an opportunity to achieve something special.
"The club has a large and loyal fan base and I want to work with these fans and the staff to make the club everything that it should be.
"I am interested in the long term sustainability of the club, which will have an exceptional football director in John Park."
