Sheikh Abdul bin Mubarak al-Khalifa, of Bahrain, has appointed Brewin Dolphin as his brokers and the heavyweight City firm of Linklaters as his lawyers.
The sheikh told BBC Radio Five Live: "We are working hard with some interested parties to find a positive outcome to the club's financial crisis - near the upcoming weekend or so, we hope."
Whilst the sheikh gets his Arab money together, Alan Leighton is organising his own British consortium.
As he is on the board a take-over would represent a conflict of interest and he is planning to step down and then gather together a group which will step in and buy the club should the sheikh fail.