A wealthy US-Saudi investor who expressed an interest in buying Chelsea Football Club four years ago has been in talks with one of the founding members of the English Football League about a potential investment.

Sky News has learnt that Amr Zedan, who has business interests spanning sectors from energy to horseracing, has held a series of discussions with Preston North End’s board in recent weeks about a deal.

Sources said the talks had stalled in recent weeks, with the playoff-chasing Lilywhites also exploring investment options with other parties.

Preston North End is one of England’s oldest football teams, having initially been established in 1866 as a cricket club before becoming a founder member of the Football League in 1888.

In July 2024, the Hemmings family, which has owned the club since 2010, drafted in bankers from Rothschild to examine options for bringing in new investment or a change of owner.

People close to the club said a process was ongoing in which it was continuing to hold talks with potential buyers and investors, and that the process was being run in a professional and comprehensive manner.

A spokesperson for Mr Zedan said that he and the club had been in discussions since early December “regarding an investment in the club intended to support its long-term Premier League ambitions”.

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The spokesperson claimed there had been a “lack of constructive engagement by club owners as money coming early into the transfer window which is now closing was key to [Mr Zedan’s] enthusiasm for supporting the club, its community and loyal fan base”.

This weekend, people close to the Lancashire club disputed this characterisation of the discussions, although the identities of other parties involved in the process was unclear.

Mr Zedan was among a large number of parties who were named as prospective buyers of Chelsea when Roman Abramovich was effectively forced to sell the London club in the wake of Vladimir Putin’s invasion of Ukraine.

He is thought to be willing to re-engage with Preston North End’s board about a deal, but could also now turn his attention to another club.

Preston North End is chaired by Ian Penrose, an experienced businessman who was appointed to the role last autumn.

He sits on the board of Playtech, the London-listed gaming technology company, and previously ran Arena Leisure and Sportech.

Despite losing 4-0 at promotion rivals Middlesbrough on Saturday, Preston have a realistic chance of competing in the end-of-season play-offs, from which one of four teams will win promotion to the Premier League.

Its most famous player, Tom Finney, appeared for the club in the 1950s, when The Lilywhites twice finished second in English football’s top tier.

In recent decades, Preston has often spent time in the lower divisions, but has been in the Championship since its last promotion campaign in 2014-15.

The club was bought by local businessman Trevor Hemmings, who died in 2021, having also owned assets including Blackpool Tower, and stakes in Center Parcs and Pontin’s.

In common with many English professional clubs, Preston is lossmaking, with its owners funding its ongoing losses and ploughing in excess of £100m into it.

The club has been led for the last 15 years by Peter Ridsdale, the former Leeds United and Cardiff City chief.

Talks with prospective investors come as many other English professional clubs seek new owners – most notably, Championship side Sheffield Wednesday, which collapsed into administration last summer, resulting in a punishing points deduction.

The new Independent Football Regulator is establishing a licensing regime for club-owners in the top five tiers of English football, beginning in the 2027-28 season.

Preston North End FC has been contacted for comment.