Newcastle await offer as bid talks continue

English Premier League club Newcastle United revealed it was still in takeover talks with secretive investment firm Belgravia Group on Wednesday night but said its potential suitor had yet to table a firm offer.

"Whilst discussions are ongoing between the two parties, it (Newcastle United) has not received a formal proposal from Belgravia or any other entity," the club said in a statement.

Belgravia's interest is the second approach the club has received this year.

US hedge fund Polygon held talks in June with majority shareholder John Hall who with his son owns more than 40 per cent of the club based in the north-east.

Belgravia, headed by fund managers Ron Mitchell and Duncan Hickman, will also have to win over Newcastle chairman Freddy Shepherd who media reports say is unwilling to sell his 28 per cent stake in the club.

The Jersey-based investment firm's interest in the Tyneside club follows a recent swathe of buyouts of British soccer clubs.

Last week east London Premier League team West Ham confirmed it was in talks about a possible takeover.

Premier League champions Chelsea, Manchester United, Aston Villa, Fulham and Scottish top flight side Hearts are now all in the hands of high profile foreign owners.

Alongside personal sporting interests, investors have been attracted by the Premier League clubs' highly visible earnings.

These are the result of loyal fan bases, ballooning revenues from the latest round of TV deals and the value of the land that the stadiums and training grounds are built on.