Newcastle owner Mike Ashley is awaiting a follow-up bid from PCP Capital Partners after rebuffing its initial offer for the club.
It emerged on Monday evening that one of the parties interested in buying Newcastle, reported to be the PCP group fronted by Amanda Staveley, had tabled a formal offer after spending weeks trawling through their finances.
Reports suggested the deal on the table amounted to around £300 million, a figure which would give Ashley a modest return on the £134.4m he paid for the club and the £129m he has since made available in interest-free loans.