American sports management company Club 9 Sports has revealed that it hopes to conclude a deal to invest in Sheffield Wednesday before the end of the season.
The group confirmed through a statement on Friday that talks had progressed with the Co-Op Bank.
"Ideally we would like to complete a deal before the end of the season to have an immediate impact on Alan Irvine and his squad," it read.
The Owls have declined to comment on the developments.
It was previously thought a deal was unlikely before the end of the season.
The statement by Club 9's managing partner John Prutch and chief executive Jon Pritchett goes on to express confidence in the Owls' ability to retain their Championship status.
We look forward to helping the club reclaim its position as one of the elite clubs in all of England
Club 9 Sports statement
"It was disappointing to see the result against West Brom but having now spent some time with Alan (Irvine) and his team, we are confident that Sheffield Wednesday can avoid relegation," it read.
"Although there remains no certainty that we will succeed, it is our intention to work as hard as we can to complete and deliver the right investment for Sheffield Wednesday - no matter what division the club finds itself in for 2010/11.
"The proposed structure does not foresee Club 9 Sports making an offer for shares in Sheffield Wednesday plc."
"What it does do is offer the best solution for all our stakeholders and allows the club to move forward with certainty.
"However we still have a number of parties to communicate with and there is no guarantee that we will be in a position to put our proposal to shareholders.
"We look forward to helping the club reclaim its position as one of the elite clubs in all of England."
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