Torquay United will play in the National League next season after the consortium aiming to buy the club provided proof of the finance to ensure they can fulfil next season's fixtures.
There were concerns the Gulls would not be admitted into the division without such assurances.
"This is a really positive step for Torquay United," consortium leader Dean Edwards told BBC Sport.
It is expected that takeover will be completed next week.
The league, formerly known as the Conference Premier, which has its annual meeting on Saturday will visit the club early in the new season to see how the business is performing against its planned budget.
Meanwhile the group hoping to secure the deal comprises of 10 local businessmen, who lodged a five-figure bond with the league.
The Gulls have been up for sale since January and there had been concerns for its future after millionaire chairwoman Thea Bristow stood down in March.