The Lawn Tennis Association is close to selling Queen's Club to members of the west London complex for £45m.
Conditional terms have been agreed for the sale, despite opposition from a minority of club members.
They have questioned the LTA's right to sell the historic club, home of the Stella Artois Championships.
The LTA, which bought Queen's in 1953, is selling the club on a 120-year lease, but must obtain confirmation of ownership from the High Court.
In a statement the LTA said: "The proposed sale to the members secures the future of racket sports, grass courts and the pre-Wimbledon Stella Artois Championships at its west London home and is in the best long-term interests of British tennis and the Queen's Club."
Queen's Club will be sold on the basis that it will retain a rackets club and that the Stella Artois Championships or any future tournament remain unaffected.
The LTA is relocating its headquarters by early 2007 to a new state-of-the-art tennis academy in Roehampton.
"Moving to our new National Tennis Centre is an integral part of our plans for finding and developing future British tennis champions," said LTA chief executive John Crowther.
"We want to ensure that Queen's Club continues in its role as one of the most prestigious tennis and racket sports clubs in the country and to host the Stella Artois tournament each June."
Proceeds of the sale, which has been negotiated by the Queen's Club Project Group, will be re-invested in the long-term development of British tennis.
Queen's has 29 outdoor courts - of which 13 are among the finest grass courts in the world, eight are shale and clay, four plexi and four artificial grass.
It also boasts 10 indoor lawn tennis courts, two real tennis courts, two rackets courts, three squash courts, a gymnasium and a physiotherapy suite.