Huddersfield have been taken over by a North American group after chairman Dean Hoyle acquired 100% of the club's shares and subsequently sold them.
Hoyle initially took over in 2009 before selling the club to Phil Hodgkinson, after 11 years at the club.
He returned in 2021 to provide funding due to Hodgkinson's financial difficulties but stepped down as chief executive for health reasons in 2022.
"We would like to thank fans for their patience and support," the club said.
that the unnamed group's takeover was subject to "legislative and governance procedures", and that more information would be provided after completion.
The takeover comes towards the conclusion of a campaign which has seen the club struggle in the Championship despite reaching last season's play-off final.
Neil Warnock's side are 22nd in the table and three points from safety, while they were also placed under a transfer embargo earlier in March for submitting their annual accounts late.
that Hoyle will write off £40m as part of the deal in order to keep the Terriers out of administration, which would have led to the club receiving a 12-point deduction and almost certainly consigned them to relegation.
Huddersfield face promotion-chasing Middlesbrough in their next game on 1 April, after the international break.
The club have not played in English football's third tier since their promotion from League One through the play-offs in 2011-12.
BBC Radio Leeds' Paul Ogden
If and when completion happens, the transfer of ownership will mark the end of a historic era in Huddersfield Town's history, which would have been unthinkable without Dean Hoyle's drive, determination, and the tens of millions of pounds he spent - a very large chunk of which he will probably not see again.
Propelling Huddersfield into the Premier League was, in context, only as remarkable as the much earlier £100 season tickets and League One play-off final squad he financed, which included Kevin Kilbane, Benik Afobe and Damien Johnson, managed by Lee Clark.
As chairmen and owners go in modern-day football, Hoyle has been exceptionally accessible.
Pre-match Q&As with fans, heading out of town on the front of long-distance charity cycle rides, and buttering toast for underprivileged local schoolkids' breakfasts under the club's foundation banner - it all came easy to Hoyle because he was, and still is, a dyed-in-the-wool fan from boyhood.
Whoever the mysterious North American group turn out to be, they will no doubt be made welcome for their commitment alone. But in light of the money lost over his tenure, even by someone on the Times Rich List like Hoyle, the new owners need to be ready for the inevitable big question from supporters: "Why Huddersfield Town?"