The Chattanooga Lookouts have been sold to Hardball Capital, investors who own several other baseball clubs.
An official announcement is set for Wednesday morning.
Longtime owner Frank Burke has been shopping the club for several years.
The Lookouts are switching this season from the LA Dodgers to the Minnesota Twins.
The Hardball Capital group includes Jason Freier of Atlanta and John Woods who is an East Ridge native and played football at East Ridge High School.
Burke has owned the franchise since 1995.
Hardball Capital owns Fort Wayhe (Ind.) Tin Caps and the Savannah Sand Gnats.