Sheffield Wednesday are in advanced talks with a Norwegian oilfield company about a possible takeover.

The Scandinavian consortium, with whom former Owls manager Chris Turner is reportedly involved, have offered to pay the club's latest tax bill after Her Majesty's Revenue and Customs served them with a second winding-up petition.

A Wednesday spokesman told Press Association Sport: "We have a lead potential investor and talks are on-going with a Norwegian oilfield company.

"They don't want to be named at this stage, but have pledged to pay the £600,000 PAYE bill as a measure of their commitment."

HMRC issued their first winding-up order in August and the Co-Op stepped in to pay off £750,000 of outstanding debts earlier this month, but the club's PAYE bill amounts to £300,000 a month and a further two months' payments have accrued since then.

If the takeover talks break down and the Norwegian group fails to settle the tax bill, the Co-Op Bank, owed £23million by Wednesday, must decide whether to pay it again themselves or put the club in administration.