The Nigerian consortium looking to buy Newcastle insist they will not be embroiled in a bidding war. "We have put a bid in on Friday evening," Chris Nathaniel said.
"We are now looking at things around improving the football club in anticipation of hearing back from Newcastle positively.
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."