Nottingham Forest are thought to be closing in on a £50m takeover by an American consortium.

According to The Telegraph, John Jay Moores - former owner of MLB side San Diego Padres - is in "advanced talks" to buy an 80% stake in the Championship outfit from current owner Fawaz Al-Hasawi.

Al-Hasawi would retain a 20% involvement and remain as club chairman as part of the deal, which would guarantee significant investment into the squad over the coming years.

Moores has been looking to purchase an English side for some time and held talks with Everton earlier this year before Iranian businessman Farhad Moshiri took a 50% stake in the club.

The 72-year-old is reported to have a personal fortune of around £500m.