Unforeseen problems have delayed the take-over but it is hoped that the protracted negotiations shall be finalised before Saturday's game against Cowdenbeath at Shielfield Park.
A spokesman for the consortium who have made the bid confirmed that the deal - which many thought would be finalised with the appointment of a new board on Monday - has taken longer than first thought.
He said: "We can confirm the takeover deal is proceeding but at this time has not been completed.
"As a consequence it would be inappropriate to make any further statement although we do hope to be able to do so in the near future.""
The consortium, headed by Berwick Rangers Supporters Trust, supporters club and a number of current directors, such as Bill Parkin, had their offer to majority shareholders Robert Wilson, Craig Forsyth and Robert Darling accepted on Wednesday. Two earlier offers - believed to be £20,000 and £30,000 - were rejected two days previously at an emergency meeting but the Supporters Trust hope the conclusion of the deal will see their stake in the club rise from 26 per cent to 51 cent and allow them control of Berwick Rangers.
Supporters Trust chairman, John Bell, told BBC Radio Newcastle: "We are very happy - we think it is a reasonable and fair offer and I'm sure the outgoing chairman (Robert Wilson) thinks the same otherwise he wouldn't be stepping aside.
"The challenge now is to get some money into the club and hopefully improve the feeling in the town and the results on the pitch.
"This is a real step forward for the club which will truly be in the hands of the community."
Bell believes the take-over will result in a more democratic boardroom from a wide range of voices.
"We will have a great deal of say," added Mr Bell, who has previously been on the football club's board.
"It will be an equal and fair say along with local business people who are investing in the club.
"Of course representatives from the Supporters Trust and club will also be nominated onto the board by their members which I think is very important."
Once in place, the new board's first task will be finding a new manager, after Allan McGonigal left his position along with assistant Martin Mooney.
The ex-Camelon Juniors boss had indicated he would step aside if the man who appointed him, Mr Wilson, sold his shares, and his resignation was confirmed last Wednesday night.
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 last Tuesday of having "no regrets," but bemoaned the lack of funds available to him during his six months in charge, with only £4000 being spent on bringing Jim Lister to the club, who subsequently left.
The club are currently languishing second bottom of the third division, having lost their last five games.
Jimmy Crease and Ian Little took charge of the side for Rangers' latest defeat at Forfar Athletic on Saturday, and are expected to also be in the dugout for this weekend's home match against Cowdenbeath.
The news of Berwick Rangers' take-over has overshadowed the sale of Berwick Bandits, but the speedway team's survival will be greatly welcomed by the football club.
The Bandits are believed to pay £750 to the supporters trust for each meeting at Shielfield Park, who in turn pass that money directly to the club.
The loss of the Bandits, which looked distinctly possible until a cut price offer from Butcher John Anderson and Cornhill Village Shop owner Linda Waite was accepted by promoter Peter Waite, would have been a significant blow to the club's finances.
The Supporters Trust has invested more than £30,000 in Berwick Rangers Football Club since 2003, including partly funding the transfer of fans favourite Gary Wood.
And if the take-over headed by the Supporters Trust does finally go through, Berwick Rangers chairman Robert Wilson could invest in another football club.
Craigroyston could be an option for Mr Wilson, who has friends on the committee of the East of Scotland side and attended their match against Kelso United on Saturday.