Blackburn Rovers have been subject of an investment proposal by local businessman, reports BBC Radio Lancashire.
Ian Battersby and Ian Currie, through their company Seneca Partners, are understood to have contacted Indian owners Venky's about the proposal.
Venky's, run by the Rao family, last month revealed debts of £104.2m.
Boss Paul Lambert is leaving the club and his replacement will be an eighth permanent manager in eight years.
Venky's bought the club in 2010 but have seen their debts rise after relegation from the Premier League in 2012.
Analysis - Andy Bayes, BBC Radio Lancashire
"The interest from Seneca Partners is genuine. What remains to be seen is how it's viewed in India.
"Seneca Partners have offered their services to help before, something which wasn't welcomed but it's clear that fresh ideas are required to take the club forward.
"Whatever happens, Blackburn Rovers have some key roles to fill this summer. Notably a first-team manager, which might now have to wait."