Bournemouth administrator Gerald Krasner has confirmed a consortium led by Marc Jackson is set to buy the cash-strapped club.
Krasner revealed the rival bid put forward by the consortium led by Jeff Mostyn had initially been preferred but it later became 'obvious that the bid could not be completed'.
That left the offer from Jackson, who only last week withdrew from Mostyn's consortium, as the only remaining bid. The businessman now has until Monday of next week to complete the purchase.
Krasner said: 'At 2pm on Tuesday, Mr Mostyn was the preferred bidder by a small margin. At a quarter past three, we (Begbies Traynor) sent out a press release to confirm the preferred bidder.
'Within the hour and following further conversations, it became obvious that the bid could not be completed. The Mr Mostyn bid therefore lapsed and Mr Jackson's consortium is now the preferred bid.
'Mr Jackson has until the close of play on Monday to lodge the money into a bank account. There will be no further announcements until all the legal documentation has been completed.'
Bournemouth, who have debts of £4million and had faced liquidation, entered administration in early February.
Under Football League rules, the move cost them a mandatory 10-point deduction and plunged them into the Coca-Cola League One relegation zone.