St Johnstone owner Geoff Brown is set to sell his controlling stake in the Perth club to a wealthy American lawyer.
Courier Sport understands that a deal has been agreed with Adam Webb, one of the USA’s most renowned litigators.
Brown owns 75% of St Johnstone and has been involved in negotiations with Webb – based in Atlanta and a partner in the firm Webb, Klase & Lemond – for several months.
Webb, who has been a minority owner of Cambridge United for the last few years, was a guest of Saints in February.
Along with an associate, he attended the Premiership matches against Ross County and Hearts during a week-long stay in Scotland.
Having been involved in talks for several months before then, he liked what he saw and confirmed his intention to buy the club within a couple of days of his return to Georgia.
End of the Brown era
Brown has owned Saints for the best part of four decades.
He bought the club in 1986 and changed the course of its history with a move from Muirton Park to McDiarmid three years later.
He put Saints on the market over a year ago, around the same time as son, Steve, stood down as chairman.
Financially, the club is in rude health, even taking into account a recent seven-figure annual loss.
McDiarmid Park sits on 22 acres of land and there are millions in the bank.
Brown has pledged that the money made from a sale will go to the Saints Community Trust to build a sports hub.
Several other groups and individuals had shown an interest in a takeover over the last year.
But none got nearly as close to completing a purchase as Webb.
Brown is convinced that he has identified the right man to take St Johnstone forward and wasn’t interested in opening up a bidding war over the last few months, with potential other buyers waiting in the wings.
Brown suggested in an interview with Courier Sport in December that the SFA softening their stance on multi-club ownership and dual interests could prove to be a “game-changer” in his efforts to complete a sale.
With Webb owning a 10% share in Cambridge United, the deal is subject to SFA and English Football League approval.
It is understood that CEO, Stan Harris, will continue in his role on an interim basis to oversee the ownership transition and that the process of formulating a year one plan and budget for Webb has already begun.
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