Derby County will know by Christmas if they have secured significant investment from America.
Chairman Adam Pearson has again stressed the importance of new backers to the future of the club and talks are taking place on a daily basis with an American sports company.
They are immersed in a number of sports in the United States, including American football, baseball and basketball.
"Talks are progressing well and we will have a very, very clear idea by Christmas if the deal is on or not," Pearson told the Evening Telegraph.
"We are focusing on the American deal. Information and correspondence is being exchanged on a daily basis, along with conference calls."
The American company is also in a period of due diligence in which they are taking a thorough look at the club. This will be completed by the end of this month.
Pearson believes investment is crucial if the Rams are to compete in the Premier League.
"It is a very exciting opportunity, and if it comes off it will be very exciting for the club. It will undoubtedly be a huge boost for the club's long-term future because it would take away any insecurity financially that this club had going forward.
"The investment would also provide a significant pot of funds that was purely there for investment in players.
"At this moment in time, the club cannot do that and therefore we have to look beyond the self-interest of where we are at the minute. It is a very important deal because it will allow us to compete on a level playing field for the first time in years.
"We just have to make sure that when the Americans do come through with the deal and investment we do not allow self-interests to get in the way of a deal that will be in the best interests of the club."