The consortium from Nigeria fronted by Chris Nathaniel are set to make a statement by the weekend on the possibility of buying of Newcastle.
Magpies owner Mike Ashley has put the club up for sale and Nathaniel, chief executive of NVA management, has declared interest from a group of entrepreneurs he is liaising with.
Nathaniel's significance in football was recognised by his inclusion in the "Black List'' of the 30 of the most influential figures of African or African-Caribbean heritage in English football, which has been supported by Kick It Out.
He was at Westminster to pick up his award but is still working hard on looking at the possibilities of taking over at St James' Park.
"It is a very serious offer, they are very serious business people and passionate football fans,'' he said.
"We are still at the early stages. Hopefully in the next 48 hours we will be in a position to make a statement and take the situation further.
"Newcastle should be achieving more than they are. There is long-term potential at the club, there is a lot wrong at the club [at the moment] but they are determined to put that right by getting the right people in and using the right structure.''
The consortium are aware of the standing Kevin Keegan has among Newcastle support after his departure that led to the club being up for sale. Bookmakers have also taken a raft of bets on Terry Venables being the next boss.
"Kevin is a hero on Tyneside, he'd be a great choice but I can't say too much,'' Nathaniel added.