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US businessman Todd Johnson has signed a purchase agreement to acquire a majority stake in Woking.

Former Dagenham & Redbridge vice chairman Johnson leads the Cardinal Football Group, and is also a member of the ownership group at Minnesota United, who play in Major League Soccer.

Owner Drew Volpe said the next step was to hold a general meeting of current shareholders before the deal is completed.

"This transition represents an exciting next step in the history of Woking Football Club," Volpe said in a statement.

"Whilst I will no longer be a majority shareholder, I will retain a stake in the club and my support and passion for this great club will remain unchanged."

Volpe, who took over Woking in 2021, had been within weeks of putting the club into administration having invested more than £3m of personal capital, he told the ³ÉÈË¿ìÊÖ in July.

A loan of £600,000 from Volpe's parents had ensured the club could begin the current National League season, he had said.

Woking are currently 18th in the National League, four points above the bottom four, having won only four of their 16 games so far this season.

They play Halifax Town away on Saturday.