No formal offer for Newcastle

Newcastle insist they have yet to receive a formal takeover bid amid speculation the Belgravia Group are stepping up plans to buy the club.

Reports this morning suggested the Jersey-based investment group are in negotiations with all Newcastle shareholders, with a Belgravia spokesman “hopeful” of a positive outcome.

But the club issued a statement this afternoon, saying: “The company has not received a formal offer proposal from any entity.”

Reports also claimed life president and former chairman Sir John Hall and his family, who between them own more than 40% of the club’s shares, are keen to cash in on their stake in the club.

Current chairman Freddie Shepherd, who holds 29% of the shares, is understood to be against any takeover.