West Ham United are in advanced takeover negotiations with an American consortium.

The Sunday Mirror says West Ham are on the verge of a £100 million takeover.

The London-based Intermarket Group began negotiations on Friday night and are hopeful a deal can be closed in time to hand Hammers manager Gianfranco Zola the sums required to invest in the January transfer window.

The consortium consists of a group of wealthy West Ham fans led by Intermarket Group chief executive and Wall Street mogul, Jim Bowe.

Bowe, who is also is the former head of the New York Board of Trade, was recruited specifically to arrange the deal and the group made contact with Andrew Bernhardt, chairman of CB Holdings, the company that runs West Ham.

"My colleagues and I have been approached by the consortium with the aim of buying West Ham in its entirety," said Bowe as the bid was being prepared in New York. We are not interested in just taking on the debt, or securing a percentage. We want to get West Ham back on track for the upper echelons of the Premier League. We want what the fans want and there is no restriction on us as to how we achieve that aim. We are in the early stages of our discussions with the club.

"But we are optimistic that we can develop a proposal that will benefit all parties. The best deal is the deal where everyone feels that they've won. The consortium comprises West Ham supporters who have made serious money in the City, the United States and elsewhere and who see the potential in the club, its fanbase, academy and playing staff.

"The people involved have the money required, and, more importantly, the right sentiments. They have no interest in interfering with the playing side of things, but they will make money available in the January transfer window. They also possess the expertise to see West Ham restructured and organised in a way that will help the club realise its potential. Fortune has been hiding for too long."