Doug Ellis believes a takeover is very possible for the Villains

Long-serving Mr Ellis has hired financial advisers Rothschild to seek a buyer for the under-performing club.

A consortium, made up of Irish property developers the Comer Brothers and Michael Neville, has been in talks with Villa for three months about a buyout.

On Thursday, AVFC said it lost �9.4m ($16.8m) in the half-year to December.

'Very optimistic'

Losses grew �600,000 from the same period in 2004, and revenues dipped from �19m to �17.7m as a fall in television income hit finances.

The Comer brothers have founded Aston Villa Investments Limited, headed by Mr Neville, as a takeover vehicle and remain "very optimistic" of taking charge of the 1982 European Cup winners.

Mr Ellis told the London Stock Exchange that the consortium had yet to carry out due diligence and that he was still awaiting proof of their financial ability to proceed with the purchase.

Part of Rothschild's role is to examine whether the consortium has the funds to buy the club.