Former Wycombe Wanderers owner Rob Couhig has reached an agreement to buy Reading, the English League One club said on Saturday.
The 75-year-old American lawyer has a varied investment portfolio which includes businesses in industries such as pharmaceuticals and real estate.
Chinese businessman Dai Yongge was ordered to sell the club in March having been being disqualified under the EFL's owners' and directors' test. Reading announced last month they had agreed terms over the sale.
"Reading Football Club is pleased to announce the sale in principle of the club to Redwood Holdings Limited," the club said in a statement.
"The takeover includes the Select Car Leasing Stadium and Bearwood Park Training Ground. The formal completion of the transaction is subject to final legal technicalities but is fully expected to be completed shortly.
"Based on the agreement between the parties, the EFL has agreed to extend its deadline for the divestment of Mr Dai Yongge's shareholding until its next board meeting on May 8.
"Redwood Holdings Ltd is a subsidiary of Dogwood Football LLC, which is owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana."
Yongge, who took over Reading in 2017, has been blamed by fans for the club's problems after they had six points deducted last season for financial mismanagement.
They also withdrew from the Women's Championship due to financial issues.
Reading are seventh in League One, one place behind Leyton Orient who are in possession of the final playoff place thanks to their superior goal difference.
