group led by insurance executive Mr. Tom Gallagher.

Harbourside Holding Company is currently negotiating the purchase of the pub.

Mr. Gallagher, an executive with Stockholm Management Ltd. and a well-known local rugby player, said: "There is no intent to change the formula at Flanagan's. "The staff will remain in place.'' If the deal goes ahead on Monday, the new owners plan to continue with plans to add a sports bar, and will push the restaurant side of the business, said company lawyer Mr. Joseph Wakefield.

The Irish pub and restaurant will still be run by the same management team, comprising Mr. Donald Hassell, general manager, and Mr. Michael Young, responsible for cash administration.

"The present owners and the buyers are deep in negotiations,'' said Mr.

Wakefield.

"There is a better than even chance that the deal will succeed,'' he said.

The present owners Flanagan's Limited are said to be a 60:40 company. The prospective owners will shift the Bermudian interest to 90 percent, according to Mr. Wakefield.

Asked why the present owners are interested in selling the popular restaurant, Mr. Wakefield said: "Anything is for sale for the right price. The present owners have seen a decent return on the capital.''