Ray Ranson, a former Manchester City player, made a £90 million offer to buy the club according to reports.
Ranson is thought to have the backing of a consortium of other businessmen and has reportedly made a firm offer for the club, which has been the subject of takeover rumours.
Ranson has previously tried to acquire rival Premier League club Aston Villa. The new bid is said to cover the club's shares, loans of about £24 million to and debts to other creditors.
The club is expected to react to Ranson's offer within the next 48 hours.
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