West Ham United are looking to raise between £20m and £40m from professional investors in a bid to put the club's finances on a sounder footing.The Hammers were taken over by ex-Birmingham City owners David Sullivan and David Gold, in a deal that valued their 50% stake in the club at £105m.
At that time, in January, they said wealthy fans would be able to invest in the east London club.
But now Shore Capital and Corporate is to seek professional backers.
'Fantastic fan base'
However, former Birmingham City chief executive Karren Brady, who has joined West Ham as deputy chairman, said the investment opportunity may be opened up to supporters at some stage.
"Although this fundraising is initially aimed at professional investors, I would love to be able to bring in our loyal and fantastic fan base as investors further down the line so that they can share in the club's great future, on and off the pitch," she said.
"This is an option which we have seriously under review."
At the time of the takeover, it was reported that the club had debts of about £100m.
Part of the terms of its purchase by Mr Sullivan and Mr Gold included giving them first option to buy the remaining 50% of the club from Icelandic bank Straumur, at a fixed price at any point in the four months from the takeover date.
Source: BBC Sport
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