Fry has been manager at London Road since 1996
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Peterborough United have announced that manager Barry Fry is going to take overall control of the Second Division club.
A statement on the club's official website revealed that Fry has secured the necessary finances to conclude a deal for the London Road outfit.
"During the summer, Barry was given an opportunity to purchase the majority shareholding in the club," said the statement.
"Barry has, at great risk, grasped the opportunity to own the business and deliver his ideas unhindered.
"While the transaction is intended for completion imminently, we felt a formal announcement was necessary.
"Barry will assume control from Wednesday."
Fry has been at the club since 1996 and previously enjoyed colourful spells with Barnet, Southend and Birmingham.
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