Mike Lazaridis, the BlackBerry co-founder and former chief executive, is said to be trying to get back control of the sinking mobile phone company.
He stepped down from the chief executive role in May 2012 along with Jim Balsillie after watching the Canadian manufacturer slowly lose its share in the market in favour of Apple and Android.
According to the New York Times, Mr Lazaridis, who still owns 5.7 per cent of the company, has approached private firms Blackstone Group and the Carlyle Group about a possible buyout.
BlackBerry put itself up for sale last month (August) but there has been no indication that anyone has intentions for the company.
The bad news doesn't stop there for the firm, as it announced this weekend that it has been forced to cut 40 per cent of its workforce and will be retreating from the consumer market.
It appears that BlackBerry are on a downward spiral, but is the man who was in charge when the company first began its decline really capable of bringing it back from the brink?
Posted by Samantha Green