Cambridge United chief executive Alex Tunbridge has revealed the club should have news about fresh investment by the end of the year.
Paul Barry (75.01%) and Mark Green (24.99%) currently own 100% of the shares at the League One club.
Tunbridge confirmed to BBC Look East that they have been actively looking for a new investor and negotiations are progressing nicely.
"We are talking to a preferred party. We have made an application to the English Football League and to the independent football regulator," he explained.
"Hopefully we will have news soon."
Tunbridge has already said the club was not trying to bring in "someone with Elon Musk-sized pockets!".
"This is about identifying another individual who can play their part, share the load, bring skills, bring experience and bring some networking opportunities," he said, speaking at a fans' forum event at the Cledara Abbey Stadium back in August
"We want them to come in, have fun and contribute to making this football club even better.
"The phrase that has been thrown about is 'being realistically ambitious', I would say it is in line with that."
The Us have made a fine start to life in a new division after securing automatic promotion from League Two last season.
They salvaged a 2-2 draw at home to Wycombe after Lavery's 78th minute header and an own goal in stoppage time.
The result extended their unbeaten run in all competitions to 10 matches. It leaves them fourth in the table and in a play-off position after 11 matches.
For the second successive game, striker Shayne Lavery made a huge impact off the bench, as a second half substitute.
The Northern Irishman, 27, scored an injury-time winner at Barnsley on Saturday before helping his team rescue a point against The Chairboys in midweek.
"We showed good character to come back," said Lavery.
"It took us a while to get going, so we're happy to grind out a draw in the end.
"My role this season is coming off the bench. I am trying to look after my hamstrings and stay fit.
"I have accepted that. I am enjoying it and it obviously helps when you are coming on and scoring goals."
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