An agreement was reached for Kyril Louis-Dreyfus to buy a controlling stake in Stewart Donald in Sunderland, paving the way for the takeover.
The Frenchman will become chairman in the new year, with the approval of the English Football League.
Donald, who stepped down as president in July, holds a 74% stake in the club.
“It’s no secret that I’ve been looking for the right person to lead Sunderland forward for a while,” Donald said said the club’s website.
“Over the past year there have been a lot of different people who wanted to take power.
“However, although it is a matter of public record that some of these bidders offered me more money, I felt they offered less to the club and the community.
“While from early meetings with Kyril, his family and advisers I was very impressed with their knowledge and understanding, learned over a long period of time as owners of major football clubs in Belgium and France.
“I believe the experience, combined with a good plan, will provide a platform for the club to progress and I look forward to seeing that progress from afar.”
Former Eastleigh owner Donald has been a majority shareholder in Sunderland since May 2018, when he took over from previous owner Ellis Short.
He has been trying to sell Black Cats for the last 12 months and said he has “desperate to get out” League One club for the summer.
At just 22, Louis-Dreyfus, the son of former Marseille owner Robert Louis-Dreyfus, will become the youngest president of English football.
“We look forward to EFL’s approval for this transaction,” Louis-Dreyfus said.
“Regardless of that, at this stage, it would be a shame not to emphasize what a huge part it would be for me to join such a historical club, in a city known for its rich football culture since 1879.”
“Many will be aware of my family ties to the industry and, by acquiring Sunderland AFC, I understand the responsibility placed on me as the guardian of the club’s future.
“If we all play our roles, I firmly believe we can bring Sunderland AFC back to first place in English football and I can’t wait to get started.”