Stanford, pictured, is said to have been sacked about two weeks ago, Sky News reported over the weekend.
Lion is now trying to reach a deal to buy Stanford’s 15 per cent stake in All Saints, which he insists is worth millions of pounds more than the value attributed to it by Lion, the report said.
Stanford was suspended from his role as chairman at the beginning of the year and has had no day-to-day involvement with All Saints since, the report added.
Lion and US private equity firm Goode partners last year reached a £105m rescue deal to buy All Saints from collapsed Icelandic banking groups Kaupthing and Glitnir.
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