Sheffield Wednesday fans group Wednesdayite are advising their members to vote in favour of selling their 10% shareholding to Geoff Sheard.
A ballot will be held on 6 August, following the Lancashire-based businessman's offer to the group.
"A lot of thought went in to this and we did a list of pro's and con's," group chairman Daryl Keys told BBC Radio Sheffield.
"When you looked at them on balance we felt it was right to sell to Geoff."
However the Wednesdayite board have put in various conditions if a 'yes' vote is gained.
The group will only sell if Sheard has an agreement in place with two of the other three major shareholders, Geoff Hulley, Keith Addy and Dave Allen, to buy their shares in the club.
Despite Wednesdayite advising their members to vote 'yes' Keys has warned it may not be that straightforward.
"We'll have to see what transpires, it comes down to each individual opinion.
"There is no point just sitting on our shares, if by sitting on them we are stopping a positive future"
"It will really come down to each individual to decide if the information level is adequate or not and then will vote accordingly."
Even if the fans' group decide not to sell to Sheard, he is still able to take-over the club by other means.
Keys added: "The bidder has told us that his first target is to get to 29.9%.
"That's literally just a third of the shares out there, even if we decide not to sell, so it's not the end of the world.
"We don't want our shares to hold anyone back, we want them to be part of the solution.
"There is no point just sitting on our shares, if by sitting on them we are stopping a positive future.
"Our shares have to play a part in the future of this club."
In response to Wednesdayite's ballot, the club's board also released a statement.
It said: "The board welcomes this development and looks forward to the outcome of the ballot with interest.
"The board continues to be open to dialogue with any potential investors and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration."
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