American lawyer and Cambridge United shareholder Adam Webb is set to arrive in Scotland early next week to become the new owner of St Johnstone.
Earlier this year, Webb entered into an agreement to purchase Jeff Brown's stake in McDiarmid Park, and all aspects of the deal have now been completed.
The takeover would need the approval of the EFL and SFA as Webb owns a 10 per cent stake in Cambridge United, which was given the green light last month.
Jeff Brown, who bought the Saints in 1986, announced he would sell most of his stake in December 2022, when his son Steve steps down as chairman.
The Brown family have held a majority stake in the club for almost 40 years, and Geoff, 81, approved the move from Muirton Park to its current home at McDiarmid Park shortly after taking over in the 1980s.
As well as moving to a new stadium, St Johnstone also won three major trophies for the first time, qualified for European football and enjoyed their longest-ever First Division run under Browns.
When putting the club up for sale, Brown said the “net proceeds” from the deal would be used to build a community hub for St Johnstone Community Trust.
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Other American owners in Scotland
The deal makes St Johnstone the fourth top-flight club to be run by an American.
Hibernian is owned by the Gordon family, with the late Ron Gordon taking a majority stake in 2019. Another American, Bill Foley, owns 25% of the club after his investment was approved in March.
Dundee are owned by American businessman Tim Keyes, while city rivals Dundee United are owned by Mark Ogren.
Motherwell is also in talks with US investors, but no deal has yet been completed.
