Indian businessman Pramod Mittal has signed a preliminary agreement for sale of debt-ridden club CSKA Sofia to Bulgarian company Titan.
No financial details of the deal, which is set to be finalised in the next two months, were made available but the Bulgarian champion club confirmed the development.
"This is a Christmas present for all those who love CSKA," the website of the financially troubled CSKA said.
The contract was signed in the presence of the owners of Titan, a waste disposal company, and a representative of club owner Pramod, brother of steel magnate Laxmi Mittal.
"The purpose of this contract is to guarantee full exclusivity during the long technical procedure of transferring ownership," Nikolay Ishkov, representative of Titan, was quoted as saying by Sofia News Agency.
"We want to have assurances there will not be any negotiations with other buyers, or any deals with respect to ownership," he added.
In June, UEFA refused to renew CSKA's license due to unpaid fees thus eliminating the club from participation in the Champions League.
Former President Alexander Tomov was then forced into resignation by angry football fans threatening revenge.
CSKA, the 31-time Bulgarian champions, faced series of financial problems after Pramod bought the club two years ago.
The club sold several players last year in a bid to cushion debts.