Queens Park Rangers (QPR) have announced that a recommended offer for the club has been made by Formula One magnates Bernie Ecclestone and Flavio Briatore.
The Championship side has said board members Antonio Caliendo and Franco Zanotti have resigned, but chairman Gianni Paladini will remain in his role.
Alongside Briatore, Bruno Michel and Alekeandro Agag are set to become new board members at the club.
The Loftus Road club will now be under the full control of Formula One boss Ecclestone and Renault team head Briatore.
Commenting on QPR's website, Briatore said both he and Ecclestone were "delighted" at the recommendation and alongside Paladini are "determined to see the club return to the Premiership as soon as possible".
"We are fully aware of the history of QPR and the loyal fan base that it has; we are therefore totally committed to bringing future success back to the club," he said.
Paladini said the agreement will bring much needed investment into QPR in order for the club to progress in the future.
Meanwhile, club officials are still reflecting on the tragic death of 19-year-old talent Ray Jones in a car crash last weekend.
In a statement QPR added: "The club will be making no further comment at this stage, as our focus today remains on celebrating the life and times of Ray Jones, who tragically died in a motor accident last weekend."
QPR players paid tribute to Jones in today's home match against Southampton in the Championship, wearing shirts with his name on the back.
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