Doug Ellis has resigned as chairman of Aston Villa to be replaced by American businessman Randy Lerner.
Ellis, now 82, is set to be named as honorary president of the Midlands club, who he has served as chairman for two spells - between 1968 to 1975 and 1982 and 2006.
Cleveland Browns owner Lerner is also close to total control of Villa as he approaches the 90 per cent mark in terms of ownership of shares in the club.
Ellis has resigned from the board along with non-executive directors Stephen Kind, Anthony Hales, David Owen and Peter Ellis, with Charles C Krulak, Bob Kain and Michael Martin taking their places.
Meanwhile, Villa boss Martin O'Neill, is hoping for cash to spend to bolster his squad in the January transfer window.
He told the club's official website: "Looking at the club overall, and it depends what he wants to do with it, but the thing most managers want is to supplement the squad with some new players, which would be great news.
"I wouldn't want what we've done over the last couple of weeks to disintegrate. We can't do anything until January at the earliest."