Leyton Orient, one of London's oldest professional football clubs, is kicking off a search for new investors.
Sky News understands that the O's, who were founded in 1881, have appointed advisers to sell a substantial stake in the club.
Prospective investors have begun being sounded out in recent days about a deal, according to insiders.
The hunt for new backers makes Leyton Orient the latest English Football League club to explore a partial or full sale, with Reading and Preston North End among those engaged in similar processes.
Leyton Orient is majority-owned by Eagle Investments, a consortium of individuals led by Nigel Travis, its chairman, and Kent Teague, its vice-chair.
They are understood to be intent on remaining as shareholders after any deal.
Its 9,500-capacity home ground, the Gaughan Group Stadium, is owned by Barry Hearn, the sports promoter.
The club has been through a turbulent decade, reaching the brink of promotion to the Championship in 2014 before enduring successive relegations to the National League.
It has also had a number of owners during that period.
The O's now sit in 19th place in English football's third tier, and are exploring relocating away from their east London base to a larger stadium.
One prospective buyer who has been contacted about the process said the stake sale was being conducted by Oakvale Capital.
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A spokesperson for the club said: "Earlier in 2024, the club's board of directors outlined to its supporters a new medium-to-long-term target; to grow Leyton Orient into a club that can compete sustainably at Championship level.
"For this to be achievable, the board believes that new investment is required.
"New investment will enable the club to redevelop its training ground and also build a new stadium, which in turn will generate new and greater matchday and non-matchday revenue streams to further grow the football club on and off the pitch."
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They added: "The Leyton Orient board remains committed to being transparent with its supporters - who are the lifeblood of the football club - and its next Fans Forum meeting is set to be organised for November 2024."
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