American tycoon Clark Hunt has emerged as a frontrunner for a shock takeover of West Ham United.

Hammers owners, CB Holding, have begun negotiations for a potential £120million buyout by Hunt who owns Major League Soccer clubs Columbus Crew and FC Dallas.

CB Holding is 70 per cent owned by Icelandic bank Straumur plus several other financial institutions and all are suffering in the credit crunch.

The company took West Ham as part-payment of £350m debts built up by Bjorgolfur Gudmundsson.

CB Holding produced a two-year plan to stabilise West Ham but in June, Straumur spokesman Georg Andersen, said: "Every club is for sale at the right price. With the market right now it will be difficult to find the right value.

"I'm not going to pretend we are going to own the club for ever."