A £50m offer is being prepared by Mike Ashley to buy Derby County.
In the last 48 hours, Derby's administrators have been in advanced talks with the man who wants to buy the club.
The former owner's valuation is believed to be bigger than a bid put forward by General Sports Worldwide, a consortium which includes former Derby chairman Andrew Appleby, former chief executive Sam Rush and Wolves' former CEO Jez Moxey.
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Derby held Reading after a spirited fightback.
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The Sky Bet Championship game was played between Reading and Derby.
The preferred bidder was imminent. Sky Sports News has been told that an announcement could be made in the next 48 hours.
If successful, it's expected that he will attempt to purchase the Pride Park stadium from Mel Morris.
A stone's throw from the stadium is the Pride Park industrial estate, where Sports Direct has a large distribution centre.
It would be a quick return to football for the former owner of the club, who sold it in October to Saudi Arabia's Public Investment Fund.
Derby accepted a 21-point deduction and are now in the bottom half of the Championship.
Rams boss Wayne Rooney has overseen a run of four games without a defeat, including three consecutive wins.
No hope, no fun, no trophies, that's what the guy from the north is saying.
During his time at the helm of the club, he was widely criticized.
Sky Sports feature writer Adam Bate.
"I want to have fun and win some trophies," said Mike Ashley after taking control of the company. His 14 years in charge of the club were the opposite of fun and he will not be forgiven by the fans.
There has been a lot of failure. He has been in charge of two of the six times that they have been demoted. That has been more frequent at St James' Park than he has been. Fun has never been a friend of his.
The one-time entertainers of English football were reduced to a grim curiosity during his time in charge. The rest of the country was in disbelief. Supporters continued.
Interlopers overpromoted. The investment was intermittent and haphazard. There was no strategy. When it emerged, it was just a tick over. Nobody could mistake it for ambition.
This became a zombie club under the leadership ofAshley.
The full feature can be read here.
