West Ham United's ownership could be settled as early as today.

The Times says Straumur, the Icelandic bank that owns the club, has been in talks to sell a part or a full stake, fearing its exposure to liabilities in the event of relegation this season. The debt stands at about £80 million.

Intermarket, an investment company and one of four interested parties, has made the highest bid, which values the club at about £100 million. But it was unable to meet a 6pm deadline last night to prove that it had sufficient money for a takeover, although Intermarket claimed that the cut-off point had been removed.

It leaves David Sullivan and David Gold, the former Birmingham City owners who made a takeover bid last month, hoping to take advantage. Their bid is lower and the terms of the deal deliver a smaller sum to Straumur.

An American group, favoured by the banks that are owed nearly £50 million by West Ham, withdrew because its request for exclusive talks was rejected. Tony Fernandes, a Malaysian airline entrepreneur, has failed to deliver.