Plymouth's joint administrators have agreed a deal in principle to sell the club to the Akkeron Group.
The group is headed by local businessman James Brent, who announced last week that he hoped to complete his purchase by mid-October.
Argyle, who have been in administration since March, are bottom of the Football League with four points from 10 games.
Kevin Heaney's Bishop International and Paul Buttivant also wanted to buy the League Two club.
Joint administrator Brendan Guilfoyle, of The P&A Partnership, said: "The administrators and the Akkeron Group are committed to completing the deal next month.
"The precise timing will depend on the Football League's transfer of the club's 'golden share'.
"We have consulted various parties and I must thank them for their flexibility in enabling us to negotiate and agree a deal with the Akkeron Group.
"In particular I would like to thank staff and players as throughout this complex and protracted process they have put the rescue of their club above their own interests."
Plymouth's players have not been paid in full since last year and midfielder Carl Fletcher is currently caretaker manager, following Peter Reid's sacking.