The Scottish FA has cleared the way for Bournemouth owner Bill Foley to become a minority investor in Hibernian.
The proposal must now be ratified at the annual general meeting next month.
The SFA's approval is subject to Foley's shareholding not exceeding 29.99% and that it does not preclude Hibs from playing in Uefa competitions.
"The club now has an agreement in principle with Black Knight Football Club for minority investment into Hibernian," said a Hibs statement.
"This decision came after a number of meetings between the two parties, alongside the club agreeing to certain undertakings and commitments at the request of the governing body.