Crystal Palace could be under new ownership, according to latest reports, with a consortium led by Arsenal legend Tony Adams agreeing a deal to take over the club.

According to the Daily Star, Adams and former IMG and Chelsea executive Paul Smith have been looking for investors with a view to take over an English football club – Aston Villa and Sunderland were believed to be previous targets.

But now it appears Crystal Palace, managed by Frank de Boer, are the side the consortium will pursue, with Adams believed to have secured the necessary financial backing of European investors, meaning the proposed takeover can be green lighted.

The former Arsenal defender previously had links with Chinese businessman Jiang Lizhang, the owner of Link International Sports, who bought Spanish La Liga side Granada and put Adams in charge before their relegation to the second tier.

But now it appears Adams has a new business partner for his latest foray into football and has a lot of shareholders to negotiate with before any takeover has been completed.

American investors Josh Harris and David Blitzer each took an 18% share of Crystal Palace in December 2015, while chairman Steve Paris reduced his stake to the same amount. Co-owners Steve Browett, Martin Long and Jeremy Hosking also decreased their share.