Nottingham Forest closing in on quick-fire £40m American takeover

Nottingham Forest are in talks with an American consortium over a potential £40m takeover, report the Telegraph.

The Reds are understood to have pulled out of a deal involving interested Greek buyers and are reportedly set to embark on an exclusivity period with the American party.

Fawaz Al Hasawi is believed to be ready to call an end to his controversial four-year ownership of the Reds, having been through financial turmoil on his watch.

The Kuwaiti is said to have significantly slashed his initial £75m asking price and talks with the mystery party are reported to be far down the line.

The former European Cup winners have had a mixed start to the season under the stewardship of new boss Philippe Montanier, having won three and lost two of their opening five games.

They were forced to sell star man Oliver Burke, who moved to the Bundesliga in a shock switch to RB Leipzig.