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Newcastle United is continuing to hold talks with rival foreign-based investors over possible offers for the club, but has denied that it has accepted any bids. Polygon, a US hedge fund and its financial advisers United Bank of Switzerland are believed to have presented an offer of £227m to board members. Their proposals involve bringing in a management team, rather than Polygon, to run the club. The Magpies issued a statement saying that the club had not accepted any proposals for the company and no due diligence was being carried out. Belgravia, a Jersey-based group of investors that has completed due diligence on the club made it clear that its interest in the club had not cooled. Any deal will depend on the willingness of the Shepherd (29 per cent) and Hall (42 per cent) families to sell their majority shareholdings.
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