The Profitable Group have today refused to confirm they are no longer in the running to take over Newcastle.
Reports this morning claimed the Singapore-based strategic global investment group would not be the new owners at St James' Park after failing to raise the 100million demanded by current chief Mike Ashley.
However, when contacted by Press Association Sport and asked to clarify the situation, group sponsorship manager Paul Masefield, a former defender with Preston and Doncaster, declined to comment.
The Profitable Group were among a number of bidders, thought to include consortia from Malaysia and America, attempting to purchase the troubled north-east club following their relegation to the Coca-Cola Championship.
Last week, their commercial director Steve McMahon, the ex-Liverpool and England midfielder, admitted time was running out for a deal to be struck with Ashley.
"We've made an offer, we're waiting for Newcastle's response but we're hopeful, we're trying our best to make this happen," McMahon said.
"It's got to be in the near future - I would imagine this week would be crucial. If we don't hear anything back by the end of the week, it doesn't look hopeful.
"It needs something to happen very, very quickly for the Newcastle supporters, for the players and we're trying to make that happen.
"We can only make the offer that we believe is right, we've done our homework, our due diligence, the funds are in place and we've done our best to try and get the club.
"We've made a very serious and genuine offer, we're just hoping we hear something soon.
"We're not looking to steal the club off Mike Ashley. We've offered what we believe is the value of the club. We believe the expertise we have in marketing and the football side of it, we can make this work."