Manager Dave Jones says Cardiff City need a takeover

Ben Steele watches Cardiff's FA Cup win with chairman Peter Ridsdale

Chairman Peter Ridsdale continues his talks with Guernsey-based businessman Ben Steele as manager Dave Jones claims Cardiff City "has to be" taken over.

The Bluebirds boss admits: "There is a bit of light at the end of the tunnel.

"But if we want that to be a big light then there has to be a takeover because we have all run our course as far as we can do at the moment."

Property developer Steele, a 32-year-old reputedly worth £200m, is looking at a possible £40m takeover.

Steele watched Cardiff's dramatic FA Cup fourth round 4-2 victory over Championship rivals Leicester at the Cardiff City Stadium on Saturday when Chris Burke and Ross McCormack scored to win the game in stoppage time.

Cardiff are effectively up for sale and Steele and a group of American investors are apparently in negotiations with the 2008 FA Cup finalists about a possible takeover.

Cash-strapped Cardiff face a second winding up order on 10 February if an unpaid £2.7m tax bill to Her Majesty's Revenue & Customs is not paid by then.

Ridsdale has already stated that there was "no immediate threat to the club" over the tax bill, although no players will be brought in until it is paid.

The club is in good shape to be taken over and whoever takes over will get a fantastic club as everybody behind the scenes has worked their socks off to get to this level

Cardiff City manager Dave Jones

"We have every confidence that all monies owing to HMRC will have been repaid by the end of January," Ridsdale previously insisted.

Ridsdale visited Guernsey on Friday to meet Steele, who failed in a bid to buy Southampton last year, and talks continued when the millionaire and his advisor was Ridsdale's guest for the Leicester match.

The former Leeds United chairman told BBC Sport: "'He was impressed with the structure of the set-up as was his advisor.

''The game assisted and he remarked the support was fantastic. We will resume talks on Sunday.''

Investment from Malaysia and a possible takeover by mystery American investors - who have also apparently been in talks since the summer - are still being pursued by the Cardiff chairman.

The arrival of Malaysian businessman Datuk Chan Tien Ghee on to Cardiff's board last month gave them hope of fresh investment.

The Bluebirds seem to be an attractive proposition as they are in the Championship play-off zone and have a realistic chance of Premier League promotion, boast a new £50m stadium and new state-of-the-art training facilities.

"This club is primed for a takeover," Jones told BBC Sport.

"The club is in good shape to be taken over and whoever takes over will get a fantastic club as everybody behind the scenes has worked their socks off to get to this level."

Cardiff's financial problems lie deeper than the tax bill though.

The club also has a long-standing £15m debt with former owner Sam Hammam's Langston Corporation, although they have reached a payment settlement.

But it is the tax bill that has caused the most concern recently.

Cardiff have already escaped one winding up order on 16 December after agreeing a payment plan with HMRC.

But they were hit with the latest petition seven days later after they missed a payment.