Swansea City have confirmed they "working to finalise an agreement" over substantial American investment in the club.
Club bosses are in advanced negotiations with Steve Kaplan, Jason Levien and their investment group over a deal that would see them take a controlling interest in the club.
It is hoped an agreement can be reached and ratified by the end of the season.
"We believe we have a proposal which will help Swansea City progress both on and off the field," said chairman Huw Jenkins, who - along with vice-chairman Leigh Dineen - would remain in his "management leadership" role.
"The club will endeavour to keep supporters informed of developments, but no further comment will be made at this stage."
Reports suggest the Swansea City Supporters' Trust would retain its 21.1 per cent stake in the club, but the organisation has expressed concern at the way details have been made public.
"We have been aware of the terms of the potential deal for around two weeks," said Trust chairman Phil Sumbler. "It has become apparent, though, that the discussions have been taking place since December and not all shareholders have been allowed to be part of those discussions.
"As we understood from two meetings I attended this [Saturday] morning, we are not near the conclusion that this announcement suggests, and we are surprised that the information was released without the consent of all shareholders."
Former NBA agent Levien is currently general managing owner at MLS franchise DC United, while Kaplan is co-executive chairman of the Memphis Grizzlies.
