The source told FMT that other members of the consortium include a former Wigan Athletic chairman, an ex-Manchester United player and technical and business veterans.
If successful, the Malaysian participants will be the second largest shareholders owning just under 20% of the club. The outcome of the closed bidding process is expected this month.
The asking price set by the English Football League, which runs the country’s club competitions, is £3 million (RM17 million), with prospective bidders also asked to prove they have an additional £4 million in reserve funds to run the club.
According to the source, the consortium’s bid has been submitted to the English Football League along with proof they have the necessary capital to finance the deal.
Wigan Athletic, also a former FA Cup holder, are currently languishing at the bottom of the English League One.
Those involved on the Malaysian side plan on using land owned by Wigan to build a new football academy, as well as open a branch in Malaysia as a regional feeder venue for young footballing talent.
The academy would also provide attendees with the technical expertise to become coaches, analysts and fill other football-related roles, as a way to produce world-standard personnel capable of improving the local football ecosystem.
Academy staff for the Malaysia arm will primarily be locally sourced although members of Wigan’s England-based coaching team will be flown in on regular rotation to offer intensive courses tailored to their specialty within the club.
The Malaysian participants will also handle the marketing and sales side of the club’s business, with daily operations handled by those based in the UK.
Current plans also involve listing the Malaysian-owned portion of the club on Bursa Malaysia in its entirety, giving Malaysians the chance to own a piece of the football team.
As reported by The Athletic, other bidders include Bolton-based entrepreneur Martin Halsall, a group that includes South African-based British businessman Saul Loggenberg, and others.
The financially troubled football club went into administration in July last year after their owner pulled his financial support less than a month after agreeing to buy the club. Following a points deduction, Wigan were relegated to League One, the third tier of professional English football.
However, the club was in the nation’s top flight as recently as 2013, winning the FA Cup the same year. Their players included England mainstay Leighton Baines, and Ecuador’s Antonio Valencia.