Kuwaiti businessman Fawaz Al-Hasawi said on Saturday that "exciting times" were ahead of Nottingham Forest as he prepares to complete the deal for the English Championship football club.
In a statement, he said he was currently completing due diligence and negotiations were progressing well. It did not give a value for the deal to buy the club.
Al-Hasawi, whose family made their fortune in the refrigeration business, said he looked forward to achieving "the highest levels of success" at the club which won the European Cup, now the Champions League, twice in the 1980s.
Al-Hasawi said: "The future on-field and off-field success of Nottingham Forest is at the heart of our plans which we will of course announce in due course.
"We understand this is a difficult time for the club and its supporters and look forward to working with you in achieving the highest levels of success."
The acquisition of a football club would give Al-Hasawi automatic membership to an elite club of Gulf investors that own European football teams.
Abu Dhabi United Group Investment and Development Limited, led by Sheikh Mansour bin Zayed bin Sultan Al Nahyan, acquired Manchester City for a reported $321m in summer 2008.
Qatar Sports Investments bought a 70 percent stake in French football club Paris Saint-Germain (PSG) in June last year. The investment firm became the sole shareholder of the club after purchasing the remaining 30 percent stake in March.
Dubai’s Royal Emirates Group owns the Spanish La Liga side Getafe.