Egyptian businessman Maged Samy is reportedly close to becoming the owner of Greek second division side Ergotelis with official announcement expected in a matter of hours.

Samy, who already has two clubs (Egyptian side Wadi Degla and Belgian club Lierse S.K.), had a meeting with the club to conclude negotiations on the takeover according to the report from KingFut. com.

Ergotelis had earlier issued a statement on Wednesday informing the public about the meeting with an investor on Thursday. It further stated that the outcome of the meeting was ‘fruitful’ and the final proposal to seal the takeover will be submitted the judgement of the dominant decision-making body, the General Assembly.

The 87-year-old Crete-based club, that got promotion to the second division after emerging division three champions, needs a new owner after the president, Georgios Vrentzos, was deemed financially unable to lead the club.