Former Celtic scout John Park is set to spearhead Falkirk’s assault on the Premiership after the club revealed it had entered detailed negotiations with English businessman Mark Campbell over a multi-million-pound buy-out.

Campbell’s proposed investment has been selected as the preferred bid after three offers - including one fan-led initiative - were considered by the board and major shareholders at the League One club, which is already debt-free.

Should the deal go through as expected in the coming weeks, Park will be installed as football director and Campbell will take over the 62 per cent stake held by a majority shareholders’ group headed by local businessman Sandy Alexander and former chairman Martin Ritchie.

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US-based Campbell, who has international interests in sport, real estate and coffee retailing, and who was previously interested in buying Sunderland, is planning an initial seven-figure investment, with funds expected to be made available for player recruitment during the current transfer window.

It is understood the position of manager Ray McKinnon will not to be threatened by the change in ownership or the major turnover expected in the boardroom.

Proposals also include the relaunch of the club’s youth academy, which was controversially scrapped under previous manager Paul Hartley last summer, and the creation of a ‘sports hub’ on land adjacent to the Falkirk Stadium, which could also finally get its fourth stand.

Campbell said: “We still have to go through due diligence and detailed negotiations with the club, but we are hopeful we can have everything in place by the end of August.

“I’ve been hugely impressed by what has been achieved at Falkirk. The club has a large and loyal fan base and I want to work with these fans and the staff to make the club everything that it should be.

“I am looking forward to engaging with fans so that I can get to know them and they get to know me.

“I am interested in the long term sustainability of the club, which will have an exceptional football director in John Park, and working with the fans and the local community I want to make the Falkirk Stadium an exciting hub for sports and community.

“I have wanted to own a football club for some time. I’ve looked at a number in England and Scotland, but when I was introduced to Falkirk I saw huge potential and an opportunity to achieve something special on the field and to make more of the facilities to help sustain the business for the long term.”

Park made his name as academy director at Hibs, where he helped unearth the likes of Scott Brown, Kevin Thomson, Steven Whittaker, Derek Riordan and Garry O’Connor, and is credited with bringing Virgil van Dijk, Victor Wanyama and Moussa Dembele to Celtic.

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He will be given responsibility for helping piece together a squad capable of returning Falkirk to the Championship and then winning promotion to the Premiership, and will also seek to restore the Bairns’ reputation for youth development following past success with, amongst others, Scott Arfield, Tam Scobbie, Darren Barr, Stephen Kingsley and Craig Sibbald.

Park said: “I am looking forward to working with the football management team and revitalising the development of talented young players to come through the first team, as Falkirk has been well-recognised for in the past. Youth development will be an essential part of the club’s future.”

Figures at the club are optimistic a deal can be concluded well before the end of August, allowing Campbell to engage with supporters, some of whom it is recognised will be left disappointed by the failure of the proposed fan ownership model.

Falkirk’s statement said: The board of Falkirk FC is entering detailed negotiations on future ownership that will result in an exciting and ambitious vision through a multi-million-pound investment in the club and its facilities.

"Mark Campbell, an English businessman with international interests in sport, real estate and coffee retailing, is proposing an initial seven-figure cash injection in the club under a plan to return Falkirk to the Scottish Premiership from its current place in League One.

“Two other bids were received, including a well-researched and well-presented fan ownership proposal, which was detailed and impressive but did not match the exceptional vision and the financial strength of the proposal the board is now considering in detail.”