TIME is running out for a Turf Moor takeover to help Burnley's fight against relegation.

Manager Chris Waddle believes his current squad is capable of avoiding the drop to Division Three.

But with the transfer deadline approaching on March 26, it is increasingly unlikely any funds from a takeover could be available for emergency buys.

Before a takeover can happen, shareholders must be given 14 days notice of an extraordinary general meeting.

That means a takeover decision would have to be made by March 12 at the latest.

And although discussions with all three interested parties are ongoing, an imminent decision seems unlikely.

That is causing increasing frustration amongst the buyout bidders.

The board have not yet met with Apax Partners, the company representing a group of Manchester investors, who want to increase their original bid.

I also understand that New York-based tycoon Ray Ingleby has still received no official reply to his revised offer, which did not match the board's expectations. But Clarets director Bernard Rothwell said: "We are all waiting for results.

"They are still all in there pitching. We are talking to all three parties.

"Correspondence has taken place with all these interested parties and various offers have been made.

"The club has not yet accepted an offer."

Mr Rothwell refused to disclose whether any offer had so far been considered acceptable.

He added: "If a deal goes through we want it to be the best deal for Burnley Football Club to ensure its longevity and secure a cash injection that will put the football club where it ought to be."

The mystery third party, however, is still the favoured option.

But Mr Rothwell refused to discuss that possibility and said: "He is not a local man and it would be wrong to discuss him.

"This person has been very strong on confidentiality.

"We are not playing one off against the other and we are not in the business of a Dutch auction.

"The board should be patted on the back for keeping his identity a secret."

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.