Niall Quinn's consortium have reached a settlement on a £10m cash offer in their takeover bid for Sunderland.
Quinn remains hugely popular with the Sunderland fans
Quinn has an irrevocable agreement with the three major shareholders and now has a 21-day period to try and acquire the rest of the shares.
Former chairman Bob Murray has given the Irishman permission to start looking for a new manager immediately.
Ex-striker Quinn, 39, spent the last six years of his career on Wearside and was a hugely popular figure.
Quinn said: "My consortium are buying into the wonderful potential at the club and wish to help enable it to regain the status it truly deserves.
"I am personally delighted on behalf of my company Drumaville to be in position to present this offer to the shareholders of Sunderland.
"We believe this hrealds a new beginning for Sunderland, but it's only going to happen if everyone comes together in a joint effort."
Sunderland sacked former boss Mick McCarthy in March and Kevin Ball took temporary charge until the end of the season.
Ball returned to his post in the club's academy after Sunderland were relegated and Kevin Richardson was appointed manager on 22 June until a new boss was in place.
I really want to knit everybody back together again so the people of Sunderland will see what this club is all about
"Over the last few weeks, I've made it quite plain that I believe it's one of the greatest football clubs in the world that is in fantastic shape everywhere but on the pitch.
"I hope that by being a former player here, by knowing what makes things tick at Sunderland, that I will add something intriguing and new that a chairman perhaps hasn't been in a position to do before here, all based with an emphasis to getting it right on the pitch.
"I can't thank the people involved enough for allowing this to happen, especially Bob Murray, who agreed with me it was time for a difference to be made and paved the way for me to do that.
"I really want to knit everybody back together again so the people of Sunderland will see what this club is all about, they will see the passion again and the football team can be reunited to the fans.
"That's the biggest message I want to give about my term here.
"I know what it's like when these fans are behind the team and the team plays to it's maximum potential.
"I really firmly believe if I can reconnect the players to the people and the club in general to the people, and the passion flows around the stadium with its positive charges, this team will get back to where it deserves to be."