Qantas’ stock continues to suffer amidst talks of a takeover.

A syndicate of elite businessmen has Qantas anxious about a possible management overhaul if the consortium is capable of securing a significant portion of shares in the troubled airline.

Former Qantas chief executive Geoff Dixon, financier Mark Carnegie, adman John Singleton and Leighton finance boss Peter Gregg are among those interested in gaining control of Qantas.

Considerations for a takeover began after Qantas stock fell to an all-time low of 96 cents following a shock profit downgrade in June this year.

The syndicate would seek to gain a 20 percent share in Qantas’ business, hold three board seats and lobby for a change in upper management, according to the Sydney Morning Herald.

“The stock has performed very poorly. If someone put their hand up, it could work,” a fund manager said of the likelihood of a group of large investors making a play for Qantas.

The rumours surrounding a takeover bid are “still live”, according to a source close to both Qantas and the syndicate of businessmen, despite numerous public denials from both camps.

“Who wouldn't be interested [in Qantas]? There is three billion in cash sitting in the bloody thing; it has got some aeroplanes; it does have a reputation; it is being sacrificed,” John Singleton said.

Former Qantas chief Geoff Dixon would meet with Qantas’ incumbent boss Alan Joyce for lunches in Sydney but since Mr Dixon has been linked to the consortium, those meetings have been suspended.