The head of the South African consortium in takeover talks for Newcastle United admits they're seeking new investors.

Jonathan Cleland went public last week amid continuing speculation he was putting together a consortium of anonymous tycoons to mount a serious bid for the Magpies.

However, after a series of prominent South Africans, including Brian Joffe, Johann Rupert and Vivian Imerman, denied any involvement, Cleland has returned to Johannesburg to seek investors, and is also appealing for support from the UK.

He told the Evening Chronicle: "The vision, the plan and the strategy for the club all remain unchanged.

"The challenge now is coming up with the money after some of our preferred backers indicated they were no longer interested.

"But I think finding the money is the easiest part and I am still confident we will be able to get some great people on board and make the deal happen."

Mr Cleland's comments came as it emerged that potential buyers have until Friday, October 17 to formalise their interest.

However, he said: "Nobody has told me about any deadline. What I understand is that (club owner) Mike Ashley is a serious player and will listen to all approaches whenever they come in, provided the club hasn't already been sold, of course.

"I am not an athlete running towards the finishing tape, we have a serious plan and vision and three of the core individuals still remain in the consortium."