Terms have been agreed for the sale of Grimsby to a consortium.

The takeover appeared to have collapsed last week on a turbulent day that also saw manager Ian Holloway resign.

However, on Tuesday a brief statement from chairman Philip Day on the club’s official website read: “I have been informed that heads of terms have been agreed between (majority shareholder) John Fenty and the consortium for the sale of his shares and the repayment of his director’s loans.

“There will be no further comment on the sale from either side until legal formalities have been completed and EFL approval has been obtained.”

Holloway blamed his departure on the “inappropriate” actions of the club’s prospective new owners, led by Tom Shutes, stating they contacted him directly on several occasions.

Shutes and his associates Jason Stockwood and Andrew Pettit denied that but Day then stated that representatives of the group had called Holloway three times.

Shutes, Stockwood and Pettit said they would be stepping away from further negotiations after an offer to buy Fenty’s shares was rejected.

But, amid calls from fans for Fenty to sell, discussions resumed and a deal has now been agreed that includes the repayment of Fenty’s loans.

Ben Davies is in temporary charge of the first team, with the club sitting 22nd in League Two after a run of just one win from eight games.