Plymouth administrator Brendan Guilfoyle has confirmed the terms of the sale, for a figure understood to be in excess of £1 million, to a group reportedly headed by a multi-millionaire Irish property developer. Argyle went into administration in March with debts of over £17million.
A statement on the club's official website said: "Brendan Guilfoyle, administrator for Plymouth Argyle Football Company (in administration), is delighted to announce that, at a meeting with the preferred bidder held on Tuesday, June 21, the terms of a formal sale and purchase agreement were agreed by both parties.
"Lawyers from both parties will now move to sign the sale and purchase agreement at the earliest possible opportunity.
"In addition, it has been confirmed that further funds as per the original exclusivity agreement are in the solicitors' account to be transferred to our account."
The League Two club now hope Football League chiefs will ratify the deal in time for the Pilgrims to kick-off the 2011/12 season.