Former Watford owner Laurence Bassini has agreed a deal to buy Bolton, subject to approval from the English Football League.
A statement from the Championship 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 Bolton Wanderers 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."
Outgoing chairman Ken Anderson said: "I am very pleased to hand over ownership of this great club to Laurence, I wish him and all of our supporters the very best for the future."
Earlier this month Bolton players staged a 48-hour strike after receiving their wages late for the second month in a row, while five defeats in six means they will be relegated if they lose to Aston Villa on Friday.
According to the club statement, "significant funds" will be made available to pay wages and "a number of" the long-term creditors before the EFL ratifies the deal.
"Once completion has occurred, all the long-terms debts to HMRC and suppliers will be settled," the statement added.