Former Birmingham owners David Gold and David Sullivan will make their first move to take over West Ham this week - but their offer will fall substantially below the asking price of owners CB Holding.
The pair, who sold Birmingham to Hong Kong businessman Carson Yeung for more than £25million in October, are expected to offer £30m for West Ham and it is believed they will tell the club they do not intend to take on existing debts and liabilities.
Icelandic company CB Holding have appointed Rothschild and Standard Bank to find new owners and are holding out for more than £80m plus the club's debts, which are close to £40m.
However, club sources said today they were "mystifield" by claims that there is a Friday deadline for any takeover to be agreed despite Straumur, which owns a 70 per cent stake in CB Holding, facing a bankruptcy hearing in Iceland on the same day.
Straumur want the hearing to extend a moratorium which is giving them breathing space from creditors.
West Ham are struggling in 17th place in the Premier League and manager Gianfranco Zola will be fearing major sales in the transfer window if new funding is not found.
The club are hoping to have new owners in place before the New Year so that they can use the window to strengthen rather than weaken their squad.
Gold, a former schoolboy player at Upton Park, and Sullivan are expected to find a role for former Birmingham chief Karren Brady if they are able to strike a deal for West Ham. Brady's involvement with the Football Association's bid for the 2018 World Cup has been downgraded, allowing her to take a part-time role at the club.
The pair, who have previously owned a 30 per cent stake in West Ham, have also been linked with League One side Charlton, who are looking for new blood in the boardroom.
