Cheshire East Council are to buy Macclesfield Town, turning the club into a Community-owned side.
The current owners are to write off debts and sell the freehold of the Moss Rose ground to the council for £285,000. A club statement reads:
'All directors and ex-directors will also write off their substantial loans to the existing company in order to strengthen its balance sheet.
'The deal, which will see the club escape financial difficulties, and we believe will result in the Macclesfield Town becoming the first senior club in England to become community owned without suffering an insolvency event.'
The deal is subject to final Council approval and a club shareholders vote, but it is understood that without the deal the club would become insolvent within days.