Newcastle United have drawn up an October 17 deadline for all bids to be made for the club.

It is understood the consortia currently looking to buy the club have been told they will have until a week on Friday to show their hands as owner Mike Ashley awaits bids.

Investment bankers Seymour Pierce, under the guise of their chairman Keith Harris, have been handed the task of selling the business and have been contacted by at least eight interested parties.

There was speculation a deadline had been set for Tuesday for serious bidders to make formal approaches, although it is understood they have 10 more days in which to do so.

That, however, could mean the completion of any sale may not take place until the end of November as potential purchasers carry out due diligence and plan for life after Ashley at St James' Park.