Bidders weigh up areas for improvement

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Nathaniel, chief executive of NVA Management, has been liaising with a group of entrepreneurs and an official bid was lodged on Friday.

"We have put a bid in on Friday evening," Nathaniel told PA Sport. "We are now looking at things around improving the football club in anticipation of hearing back from Newcastle positively. Therefore, the consortium have asked to look at areas of how we can improve the club while Newcastle are considering the bid."

Joe Kinnear has been appointed interim manager and Nathaniel's priority is to find a suitable permanent boss, with Keegan's standing among Newcastle supporters acknowledged by the potential buyers.

City sources have suggested a degree of scepticism over the Nigerian consortium, particularly as they will remain anonymous until a bid is accepted.

Nathaniel insists they are serious, with a long-term strategy for the club already being worked on.

"As far as I know we are the only official bid to have been put in," Nathaniel added. "I'm sure they will wait for other bids and make a decision on which one to accept.

"One thing is for sure, we will not get involved in a bidding war. We've earmarked money for transfers, money to buy the club and money to deal with the various deep-rooted issues behind the club like the academy.

"A budget has been put in place and my instructions are that they do not want to go over that budget."