A consortium headed by Berwick Rangers Supporters Club had an offer accepted on Wednesday night by majority shareholders and directors Robert Wilson, Craig Forsyth and Robert Darling.
The finishing touches to the deal are still taking place but the take-over is expected to be confirmed at a press conference on Monday.
News of the impending deal was quickly followed by the resignation of manager Alan McGonigal, along with assistant Martin Mooney, also on Wednesday night.
McGonigal's departure came as little surprise, with the ex-Camelon Juniors boss having already made clear his intentions to leave should Mr Wilson and his fellow directors sell their shares in the club.
McGonigal said on Wednesday following his resignation: "I made up my mind that when the current directors left I would move on - I think it is best for all concerned.
"I have tried my best but I have not had the cash to bring in the players I needed.
"I feel I have been made a bit of a scapegoat."
McGonigal spoke on Tuesday of having "no regrets", but bemoaned the lack of funds available to him during his six months in charge, with only £4,000 being spent on bringing Jim Lister to the club, who subsequently left.
Rangers stalwart Jimmy Crease will once again fill in the void and take the temporary control of team matters for Saturday's visit to Forfar Athletic.
Crease will take charge for the third time in just over three years following the departure's of former managers John Coughlin and Michael Renwick last season.
He will be assisted by experienced midfielder Ian Little on Saturday, who is unlikely to be fit for the game as he recovers from a knee operation he had in September.

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