The Australian Professional Leagues released a statement on Saturday confirming that advisory firm KordaMentha had been appointed to manage the receivership process.
Glory isn't bankrupt and won't be placed into administration, with the APL optimistic a new owner can be found.
The club's operations will continue as normal, with the receivership process expected to take 10 weeks.
As part of the process, Sage has been relieved of his ownership duties, effective immediately.
Glory have been battered on the financial front in recent years, with the inability to play home games for a large part of the COVID-19 pandemic proving particularly costly.
The upgrade of HBF Park for the Women's World Cup, which forced Glory to play most of their home games at Macedonia Park last season, was also a big financial hit to the club.
Any funds received from the sale of Glory will be used to pay back loans and other outstanding expenses.
Sage, a prominent WA businessman who has been trying to sell the club for several years, will receive any leftover funds from the sale - if there is any.
"Perth Glory have faced incredibly difficult circumstances over the last five years and we are pleased to close off this period of uncertainty for players, staff, members and fans as they continue their preparations for next season," APL chief executive Danny Townsend said in a statement.
"Here we have a process which allows for the club's operations to continue 'business-as-usual', whilst the technical adjustments are made to the club's ownership structure.
"Under this league structure, the continuity of our clubs is now guaranteed by the league."
KordaMentha's Andrew Knight said an orderly sale process for the Perth Glory Football Club would commence immediately.
"While this process is being undertaken, the receivers and managers will continue to operate the club in a 'business as usual' manner," Knight said.
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