The Cork City supporters trust FORAS has agreed to sell the club to a company owned by Preston North End owner Trevor Hemmings.
Members voted on Wednesday night in favour of the motion to endorse the Board's recommendation to sell the club to Hemmings and his company Grovemoor Limited.
FORAS board of management had stated publicly their support for a takeover and members backed the move by just over a two-thirds majority.
A statement from Cork City read: "The Board of Management of FORAS can confirm the result of this evening’s vote by members on the Call Option Agreement with Grovemoor Limited.
"We are pleased to confirm that the members of the Trust have endorsed the Board’s recommendation and have voted in favour of the motion.
"We have already engaged with Grovemoor Limited on the matter, and a further comment will issue in due course.
"The Board would like to thank all of our members for their input and their ongoing support."
Grovemoor Limited now has the option to take over the club for €1 while also taking on the existing liabilities.
Cork City were relegated from the SSE Airtricity Premier Division last weekend after a dismal season which has seen them win just two of their seventeen league games.
It's only three years since the Leesiders won a league and cup double under John Caulfield but the club risked going out of business earlier this year.