Nottingham Forest owner Nigel Doughty has admitted that he is prepared to sell his shares in the Championship club.

The businessman, who was replaced by Frank Clark as chairman last week, has revealed that he is looking for new buyers for the club.

"I will not leave the club with a cost-base that will burden it for the next two or three years," said Doughty.

"There has been some speculation that the club will receive a takeover offer or is up for sale. I have no intention of selling. If I felt a new owner would take the club forward, I would happily facilitate that.

"With this in mind, I have appointed Seymour Pierce, an investment bank in the city, which has good experience in these matters to advise me should any offer be forthcoming."

Forest boss Steve Cotterill, who moved to the City Ground last week, admits that the situation is out of his hands.

"What you have to do is try to be professional," Sky Sports News quotes Cotterill as saying. "But if it happens that Nigel Doughty sells the club then I am powerless to stop it."

Forest, who are currently 20th in the Championship table, take on eighth-placed Blackpool on Saturday.