Two Miami real estate tycoons are in advanced talks to buy Hapoel Tel Aviv from its Israeli consortium for in the region of £5m.

Hapoel has officially acknowledged it is in talks with prospective buyers Russell Galbutin and Sonny Kahn who have already conducted due diligence of the club’s books.

Representatives from Hapoel travelled to Miami this week to iron out the final details. If there are no unexpected hitches, Kahn and Galbut will fly to Israel next week to meet the club’s owners and finalise the deal.

Having made the initial contact with Kahn, Hapoel manager Eyal Berkovic said: “I believe that with the right cooperation Hapoel can become a top club challenging for trophies again, despite the current financial crisis.”

Hapoel currently lies fifth in Ligat Ha’Al with two wins from its first three matches.