An American-backed consortium - fronted by former Real Madrid forward Gareth Bale - have held talks with Plymouth Argyle over a possible takeover.
As first reported by The Telegraph, the consortium consists of a US private equity group, including members of the Storch family, with Bale being used as the face of it.
It is understood that initial discussions have taken place between the consortium and Arygle hierarchy, but have not gone any further at this stage.
Plymouth chairman Simon Hallett has been seeking fresh investment in the club this year.
In March, Hallett agreed a deal in principle to sell a stake in the club to new investors, but it fell through in May.
Plymouth were relegated to League One last month after two seasons in the second tier, with a final-day home defeat to Leeds sealing their fate.
Sky Sports News has contacted Plymouth and Bale's representatives for further comment.
Should the deal go through, Bale would be the latest big sporting name to be associated with an EFL club.
Bale's former Real team-mate Luka Modric became an investor and co-owner in Championship side Swansea in April, while ex-NFL quarterback Tom Brady has a minority stake in Birmingham.
Bale retired from football in January 2023 at the age of 33. He won five Champions League titles with Real and is the men's all-time record goalscorer for Wales with 41 in 111 caps.
Bale featured for Wales at the 2022 World Cup - their first appearance at the global finals since 1958 - and at the Euros in 2016 and 2020.
Takeover talks come amid Cleverley appointment
Last Friday, Plymouth appointed former Watford boss Tom Cleverley as their new head coach.
The 35-year-old, sacked by Watford in May, has signed a three-year contract to succeed Miron Muslic, who left Home Park last month to take charge of German club Schalke.
Cleverley is Argyle's fifth permanent boss since December 2023.
Hallett said: "Ever since Miron's departure, and knowing Tom was available, we identified him straight away as the perfect person to be our next head coach and targeted him immediately.
"When we spoke to him he was completely aligned with the vision and ambitions of the club and it was clear throughout that Tom was the right fit for us.
"He is fully invested in our long-term plans and will play a key role in helping us achieve them."
Former Manchester United, Everton and Watford midfielder Cleverley guided the Hornets to a 14th-placed finish in the Championship last season, his first full campaign in charge.
He had replaced Valerien Ismael, initially as caretaker-boss, in March 2024.
