Former Portsmouth and Leicester City chairman Milan Mandaric is lining up a takeover of Sheffield Wednesday.

The Daily Mail says Mandaric is poised take control of crisis club Sheffield Wednesday after another round of rescue talks at Hillsborough on Wednesday.

Mandaric was meeting the Wednesday board to rubber stamp the buy-out after he satisfied all the financial criteria of a deal that will save one of football's most famous clubs from administration.

The 72-year-old Serbian-American businessman had his bid accepted at the second time of asking after a rebuff last week ended up with Wednesday relying on a High Court adjournment to stay in business.

Mandaric has agreed to pay the Co-operative up to £8m - with the bank then to write off the remaining £15m of the £23m they are owed by the club. Crucially, he also agreed a deal - brokered by the bank - with former Owls chief Dave Allen who last week turned down an offer to settle his £1.5m loan.

Allen is no longer in opposition and the holders of other loan notes - totalling £4m - have also fallen into line.