Ahsan Ali Syed, the founder and chairman of Western Gulf Advisory Asset and Wealth Management (WGA), aims to complete the Racing deal by January 24, his office said in a statement on Wednesday.
Ali Syed failed in an attempt to buy English Premier League club Blackburn Rovers last year and his takeover bid in Spain follows the purchase of Malaga by a member of the Qatari royal family at the end of last season.
"Having studied several options from various countries in the last few months, Real Racing Club de Santander has fit into my strategy as it is a well-managed club with a long-term potential," Ali Syed said in a statement.
"Sport has always been a good investment opportunity, especially if it is combined with passion and dream," he said.
"Football is not only an investment for me but my personal passion. So owning a football club and watching my team play has always been my dream."
The statement from Ali Syed's office contained no financial details.
Racing representatives were not immediately available to comment on Ali Syed's proposed purchase.
"This sale could be interesting as long as certain conditions are met," Cantabria government official Angel Agudo told local media.
"Firstly, this entrepreneur has to be solvent. Secondly, that we have confidence in the project."
Agudo's third point was that the conditions governing the government's loan to the club must remain the same.
