Belgravia's denial over Newcastle bid

The Belgravia Group has played down reports claiming a takeover bid for Newcastle is imminent. The Jersey-based investment group is nearing the end of the process of due diligence, under which they are assessing the club's financial position before deciding whether to table an offer. However, amid speculation that an offer of around £150m could be made soon, a spokesman for the group said: "We have confirmed we are still in talks. It will happen when it happens."

Belgravia has been in talks with the club's major shareholders for months, to pave the way for a takeover. The club's former chairman, Sir John Hall, and his son, Douglas, hold more than 40 per cent of shares, with the current chairman, Freddy Shepherd, owning around 28 per cent. Shepherd recently challenged Belgravia to put their money on the table, but has shown little sign of being ready to relinquish control.

The potential buyers suggested last week that they would like a deal before the January transfer window closes. But even if an offer came in the next 24 hours, the legal process would make that target difficult. Newcastle is valued at around £90m, but has significant debts.