John Dasburg, newly appointed CEO and president to Miami based Burger King (BK), has revealed that the fastfood giant is in talks with investment firm Texas Pacific Group over the possibility of a leveraged buyout of the chain.

Currently controlled by UK-based drinks giant Diageo, the second largest fastfood chain in the US could well be under the ownership of the Texas firm by the end of next year, if the discussions are successful. Dasburg added that Diageo has "agreed to a separation and the form of separation must be determined."

The spokesman for the Texas Pacific Group, Owen Blicksilver, declined to comment.

Dasburg took over the leadership of BK less than two weeks ago, and has already laid plans for corporate restructure in North America and an investment in a new kitchen design for the 11,340 outlet strong chain.

Diageo and BK's franchisees are due to hear Dasburg's recommendations for the company's future as soon as he has considered all the options. Other strategic alternatives include an IPO of 20% of the hamburger chain. This plan has been debated before, but Dasburg revealed that it could go ahead in the first or second quarter of next year.