Norwich — Mayor Peter Nystrom said Friday that a potential buyer has agreed to a price with the current owner of the Marina at American Wharf, but negotiations with the city over a lease agreement remain ongoing.

"There are ongoing discussions," Nystrom said, calling the interested party "extremely sincere." Nystrom said while the parties remain at the negotiating table, he could not provide details about the deal, nor name the potential new owner should the deal finalize in the coming weeks.

Massachusetts-based Joyal Capital Management owns the marina. The city owns the marina land, and the original 99-year lease with marina developer American Wharf Development Corp. was signed in 1987.

Nystrom said negotiations with an interested group out of Minnesota several months ago never reached a finalized sale price.