BBC Sport reports that Leyton Orient owner Barry Hearn is in talks with Italian businessman Francesco Becchetti.
Hearn took over Orient in the 1994/1995 season and has taken the decision after the League One play-off final defeat to Rotherham.
A statement on the Orient website confirmed that Hearn was in talks to sell the Matchroom Stadium outfit. “The sale is subject to due diligence and Football League approval and the club will not be making any further comment at this stage,” the statement read.
The O’s were in difficult financial position when Hearn took over the club, but years of financial stability has seen them become firmly established in Sky Bet League 1.
Orient were keen to move from their current home at Brisbane Road to the Olympic Stadium in London, however the London Legacy Development Corporation chose West Hams as their preferred bidders and the Premier League side were given the right to occupy the stadium. Hearn has however stated that he still wishes to use the ground in a ground-share basis.