Isle of Man-based businessman Trevor Hemmings is trying to rescue the football club he has supported all his life from collapse.
Preston North End is holding discussions with newly-formed Deepdale PNE Holdings over a potential takeover.
Deepdale PNE is controlled by Mr Hemmings and is associated with the club's largest shareholder, Guild Ventures Limited.
Last month, Preston North End was served with a winding up petition by HM Revenue and Customs, and shares in the company remain suspended.
Seventy-five-year-old Mr Hemmings has been involved in Preston North End since the 1970s, when he was a director at the club.
In the 1990s he became the company's biggest individual shareholder, and currently owns 28 per cent of the ordinary share capital.
The Lancashire club was a founding member of the Football League in 1888 and won the inaugural English championship.
Management has confirmed it is in discussions which could lead to an offer of ?165,000 being made.
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