Galway United FC members have voted in favour of a motion to accept an offer from investors in Saudi Arabia to take a majority shareholding in the club.
At present, Galway United is owned entirely by the Galway United Friends Co-Operative.
The takeover was approved by members who met last night to discuss the offer.
The meeting took place just hours after United parted company with manager Shane Keegan.
The move is expected to see Galway receive a significant financial boost, with the club currently sixth in the First Division, 12 points behind leaders UCD.
The proposed takeover has been discussed with the FAI.