The Bahraini-funded group Phoenix 2021 are set to complete the takeover of Wigan Athletic.
Talal Mubarak Al Hammadi is lined up to be chairman, with a British group of advisers headed by former chief executive Mal Brannigan and computer expert Tom Markham.
The source of the cash has been verified by the EFL who were keen to be sure that the money was clean during extensive tests.
Phoenix 2021 is based in Manchester but owned by a Gibraltar firm Europa Point Sports and wealthy former investment banker Abdulrahman Al Jasmi also has a 'significant interest' in the background.
Europa Point already have a football team while Al Jasmi has years in the financial world in the middle east - but Al Hammadi will be the 'face' of the group.
Talks have been going on for months but only came to a head when Wigan failed to do a deal with a Spanish group.