Southampton have revealed that their plc board has agreed in principle to proposals which would see a mystery investment company buy into the club. The unnamed UK-based investor would purchase 55% of the shares in parent company Southampton Leisure Holdings.
The investor has "confirmed that it has the financial capacity to support the club and strengthen the squad".
The proposal, which would require the backing of shareholders, was revealed in a statement to the Stock Exchange.
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The club statement continued: "The investor proposes to become the majority shareholder by injecting a substantial sum directly into the company by means of a placing of new shares and to commit additional funds in order to acquire a tranche of pre-existing equity from current shareholders by means of a partial tender offer.
Southampton, who were relegated from the Premier League in 2005, have been searching for new investment to secure their long-term future and boost their chances of a return to the top flight.
Leon Crouch, the second-largest shareholder in the south coast club, was removed from his post as the football club's chairman by the plc board in July.
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