Newcastle Take-Over Latest!

However, chairman Freddy Shepherd is still standing in the way of a total buy-out.

Sportinglife report: Both parties confirmed to the Stock Exchange earlier this year that discussions that may or may not lead to an offer were underway, although none has yet been made.

Belgravia's stance today remained as it has been throughout, although the mention of the transfer window suggested a time-frame.

A spokesman told BBC Sport: "We are still in talks which may or may not lead to a deal, but from our perspective, we are still very keen to do a deal.

"The transfer window is approaching and I think from both parties' perspective, that is something to focus the minds."

Belgravia, like US hedge fund Polygon, is understood to have held talks with former chairman Sir John Hall over his 28.5 per cent holding, and son Douglas, who controls a further 14 per cent.

The current chairman came under pressure from disgruntled fans after the home defeat by Sheffield United but he vowed then to fight on. With results improving, nothing that has happened since appears to have changed his mind.

The potential buyers are yet to reveal their intentions for the club, but insist success on the pitch would be the priority.

The Belgravia spokesman said: "It would be premature and disrespectful to the fans to talk about what we may or may not want to do as we don't own it.

"Were we to make an offer, you have to disclose what financing plans are and what you are going to do and at that point, we will outline in detail what our plans for the club would be.

"If you want to make money out of football clubs you need a successful team on the pitch.

"But Newcastle has a fantastic infrastructure, a fantastic fan-base, they are a big club, have a developed ground with good facilities and are one of the premier football brands in Europe."

"In an ideal world things would happen sooner rather than later, but negotiations take time."