The Nigerian consortium hoping to buy Newcastle United has told the BBC it has presented its bid to the club.
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The man fronting the bid, UK-based businessman Chris Nathaniel, refused to confirm the size of the offer.
"We can't at this stage, that's confidential between ourselves and Newcastle, but a bid was put in on Friday evening," he said.
"There's been no timeline given by Newcastle but we hope it will be sometime soon."
Previous reports suggested the Nigerian group had raised Ј350m and was looking to increase that figure.
Newcastle United's owner Mike Ashley put the club up for sale in the wake of the sudden departure of former manager Kevin Keegan, but has insisted he will hold out for the right price.
But Nathaniel told the BBC's African sports programme Fast Track the Nigerian group would not get involved in a bidding war.
"What they don't want to do is spend a load of money to buy the club and have no money to buy players and to work on what is a quite a troubled infrastructure," he said.
The identities of the people behind the deal remain a closely guarded secret, and Nathaniel said they wanted to remain anonymous until their bid is accepted.
A spokesman for Newcastle United said the club had no comment to make.
(BBC)
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