Leeds United football club has been sold to the consortium headed by former Chelsea chairman Ken Bates.
The administrators KPMG said the winning bid was unconditional, despite the decision to open the club up to conditional offers outside the original company voluntary arrangement (CVA) designed to clear their debts.
However one of the joint administrators from KPMG, Richard Fleming, said Bates' offer, made within the constraints of the CVA, was the most promising of the bids on the table.
"We received several offers for the business which we considered carefully," he said.
"The approved deal represents the best result for creditors in the circumstances and we believe provides the club with the best chance of survival."
Provided the process of removing the club from administration and settling the debts continues as planned, Leeds United will be able to take their place in League One next season.
However the Yorkshire club's owners still have much work to do before the Football League accept their application to take part in 2007/08.
One of the main disputes to be resolved is with HM Revenue & Customs, which is reportedly considering legal action against the club because the offer to clear the £35 million debts involves paying only eight pence in every pound owed.
Fleming added: "We understand this has been a difficult time for all those concerned about the future of Leeds United.
"This deal is a necessary step if the club is to have a chance of playing in League One in the 2007/08 season. We wish the club well in its [future] endeavours."