The London Times is reporting today that the purchase of Burger King from Diageo by a buyout group of venture capital firms may be in jeopardy over efforts to finance the deal.

The sale of Burger King to Texas Pacific Group, Bain Capital, and Goldman Sachs Capital was agreed to in July and contingent upon the ability to secure financing by the end of the year. The buyout group planned to finance some $1.6 billion of the $2.26 billion purchase price, including $500 million in high-yield bond sales.

Investment banking firms JP Morgan Chase and Salomon Smith Barney are attempting to secure financing for Texas Pacific Group but are said to be struggling to secure the financing, the Times reports. Part of the problem may lie in an 18% decrease in operating profits for the burger chain for year-to-date June 30. Some 5% of the agreed upon purchase price is contingent upon financial performance through June.

The Times reports that Diageo says it is “committed to the agreement and to closing the deal.”