The Wharf Tavern restaurant on Water Street may soon be sold to an ownership group that includes the owner of The Cove Restaurant in Fall River.

Greg Esmay, who has owned the Wharf for seven years, confirmed Monday that he has a purchase and sales agreement in place for the property, at 215 Water St. If the sale goes through as planned, the waterfront restaurant will have its first new owner since Mr. Esmay purchased it in July 2011.

“I really like the Wharf,” said Mr. Esmay, who also owns the Grist Mill Tavern in Seeking. “I believe it has great potential. The area itself, with the new apartments, is doing fantastic and I think there’s a lot of potential there.”

Though Mr. Esmay said he has always had big plans for the Wharf, he said ongoing insurance and legal issues following a catastrophic 2012 fire at the Grist Mill forced his hand. Without readily available capital to make the improvements and changes he would like to see, he made the decision to sell. While he said he can’t speak for the incoming ownership group’s plans, he said he believes they have great ideas about improving and expanding the Wharf’s amenities.

“They’ve got great ideas,” he said.

Peter Cabral, owner of The Cove in Fall River and one of the principals of the new corporation formed to purchase the Wharf, could not be reached for comment Monday.