Dubai-based investment bank GFH Capital have agreed a deal for the takeover of Leeds, subject to Football League approval.
GFH Capital Limited will then become 100% shareholders in the Elland Road club and they have promised extra funds for manager Neil Warnock to bolster his squad.
GFH Capital executive David Haigh joins the board with immediate effect, while fellow GFH Capital executives Hisham Alrayes and Salem Patel will come on board in December.
Ken Bates will remain as chairman until the end of the season before handing over to a new GFH Capital-led chairman, with Bates then becoming club president.
"I can confirm we have now completed all the negotiations with GFH Capital," Bates told the club's official website.
"We have completed the first part of the purchase and they will be taking over 100 per cent of the club. Meanwhile, there is a transitional period while they get to know more about the club.
"I will continue as chairman until the end of the season when I will take over as president and I look forward to sitting back and taking more time off. Neil Warnock will continue as manager with more support than the present owners have been able to give and we look forward to a smooth transition.
"One thing I can say that has benefited from the negotiations is that this six-month courtship has given GFH Capital the opportunity to see the strengths and weaknesses and what needs to be supported. You can look forward to a smoother transition than we've seen at a lot of clubs."
Haigh was delighted the takeover had been completed and thanked the club's supporters for their patience.
"After a long process of negotiations, spanning Leeds, London, Monaco, Dubai and Bahrain, it gives us great pride today, to have completed the deal for Leeds United," he said.
"We have today injected further funds into the club and now we look to the future and start the exciting journey to take Leeds United back into a prime position in English football once again.
"From a Leeds family myself and a supporter since childhood, I know that football is at the very heart of the people of Leeds and the wider community.
"We want to thank all the fans in the UK and around the world for their patience and support while the negotiations have been taking place. Let's now march on together, taking the club back to the Premier League as soon as possible."