The transaction is believed to be the first of its kind in world football,with LFE aiming to replicate the City Football Group by taking over clubs in England,Italy,Spain,France and other countries in South America and Asia.
The key difference is that instead of being owned by a single person or entity,LFE will be owned by fans,who can buy cryptocurrency"tokens"that will give them a share in the project.
Sage became the group's chairman in January with a press release describing him as an"English-born,football-mad,fun-loving mining millionaire".
Sage also intends to stay on as chairman of the Glory and retain a minority ownership stake,according to a statement released by the LFE late on Wednesday,which promised the deal would lead to"no significant change"to Perth's operations once the club changes hands.
It is completely uncharted territory for FFA,who have been kept abreast of negotiations by Sage and must now provide the green light for the sale to become official.
"Any sale of part of a club is subject to the approval by FFA,"an FFA spokesperson said.