David Sharpe has confirmed he will stand down as chairman of Wigan Athletic, with Hong Kong based company International Entertainment Corporation (IEC) on the verge of completing a £22 million takeover of the Championship club.

The news will mark the end of the Whelan family’s 23-year ownership of Wigan and Sharpe, grandson of owner and former chairman Dave Whelan, expressed hope that IEC would build on the legacy they leave behind.

Wigan confirmed on Friday that the buy-out had progressed “to the final stage” after a vote of approval from IEC shareholders overnight in Hong Kong. The deal includes the DW Stadium, the club’s Euxton training base and academy home at Christopher Park and the site of the old ‘Sharpy’s’ restaurant next to the stadium.

IEC, whose main business involves running a hotel and casino, have already signalled their intention to appoint former Everton and Manchester City manager Joe Royle and his son Darren to the board. Jonathan Jackson, Wigan’s existing chief executive, is expected to stay on. Sharpe’s brother, Matthew, and former Manchester City chief executive Garry Cook will also resign from Wigan’s board.

Fans will be invited to join in applause in the 23rd minute of Sunday’s match against Leeds United to thank the Whelan family for what they have done for the club. Wigan were in the fourth tier when Whelan bought the club in 1995 and guided them to the Premier League. They also produced one of the FA Cup’s greatest shocks by beating Manchester City in the 2013 final.