 Blackburn finished 10th in the Premier League last season
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Blackburn Rovers are in talks with a "number of interested parties" about a possible takeover of the club, according to chairman John Williams.
Owned by the trustees of the late Jack Walker, the club is about £20m in debt.
Ahasan Ali Syed, head of the investment company Western Gulf Advisory, is said to have opened talks with Blackburn's advisers at investment bank Rothschild.
"There have been a number of interested parties for some time and discussions are ongoing," said Williams.
Syed's company WGA has offices in Bahrain and Switzerland and the 36-year-old is a lawyer who studied at the London School of Economics.
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606: DEBATE
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He is reported to have promised to clear the club's debt and invest £300m to sustain the club over a long period of time.
A number of consortiums have contacted the trustees over the last three years including one fronted by ex-JJB Sports chief Chris Ronnie, and another based in Iceland.
In June another Indian entrepreneur, Saurin Shah, was reported as being prepared to bid for the club.
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