Investment firm OpCapita is buying a large portion of specialist retailer The Game Group, keeping open 333 stores and saving 3,100 jobs at the company.
According to a report by the BBC the move has been approved by six banks which are owed a total £85 million, led by Royal Bank of Scotland.
The Game Group officially went into administration last week, closing 277 stores and making 2,107 staff redundant.
According to a separate report by The Telegraph, the deal is only in place for the UK business, with a management team already in place to take control. OpCapita is expected to have bought the company for as little as £1.
Full details of the deal are expected to be announced shortly.