US billionaire Joseph DaGrossa and GACP Sports have stepped up their proposed takeover bid for Newcastle Untied by registering a new company, GACP Newcastle Investors (US) LLC, reports, www.sportspromedia.com/.

The group, which includes former Manchester United and Chelsea chief executive Peter Kenyon, had already set up GACP Newcastle Management (US) LLC and GACP Newcastle Partners (US) LLC. It has also registered Newcastle Investors Ltd in the Cayman Islands while also reserving the company name on the Isle of Jersey company register.

Whilst the move from DaGrossa and GACP Sports, a subsidiary of the GACP investment fund, signals intent, it is a low cost, low obligation play, with the Newcastle Chronicle reporting there has yet to be a breakthrough in negotiations.

News of the takeover first surfaced last month, with an offer totalling UK£300 million (US$383 million) set to be tabled, with an additional UK£50 million (US$64 million) to be pumped into the club to cover operational costs.