AS Bari has signed a preliminary deal for the sale of the Serie A club to US businessman Timothy Barton.

The transfer of ownership is to be completed by October 31, at which time Barton will become club president, Bari said in a statement posted on its Web site. Vincenzo Matarrese will continue as president in the interim.

"This is a fantastic opportunity," Barton said in a statement. "The Bari fans are passionate about their team, and with the new management, we hope to grow this franchise into one of the most successful and competitive in Europe."

Barton's JMJ Holding specializes in buying and managing luxury properties around the world, according to the company's Web site.