Leeds United's owner Ken Bates announced the takeover of the club by Bahrain-based investment bank GFH Capital.
"We have now completed all the negotiations and investigations with GFH and we've now completed the first part of the purchase," former Chelsea chairman Bates, 80, said Wednesday.
Bates, who took charge of fallen English giants Leeds nearly eight years ago, said 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.
"Meanwhile there's a transitional period in which they get to know more about the club. Quite simply they will be providing additional working capital for the club and they are also providing funds to strengthen the team," said Bates.
"Neil Warnock will continue as manager, obviously with more support than the present owners have been able to give and we look forward to a smooth transition."
Leeds, one of England's most successful sides in the early to mid 1970s, are currently 18th in the second-tier championship, the division below the lucrative Premier League.
Bates, an unpopular figure with some Leeds fans, took charge at Elland Road 18 months after selling his controlling stake in Chelsea to Russian billionaire Roman Abramovich.
The deal is reported worth 52 million pounds.