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Prospective bidders for Newcastle have a new deadline of 17th October to finalise their proposals.

Tuesday was the original deadline, but Sky Sports News has learnt this has been put back by a further ten days.

Interested parties - of which there are believed to be six - now have to the new date to lodge their bids with investment bank Seymour Pierce, who are negotiating the sale on behalf of owner Mike Ashley.

Ashley is thought to be looking for around £300million for the club he bought last September for £134million.

Meanwhile, one of the consortiums headed by Scottish based businessman Jonathan Cleland, is in need of new investment.

Cleland had claimed to have major South African backing, but he is now looking for fresh investors.

"The vision, the plan and the strategy for the club all remain unchanged," he told the Evening Chronicle.

"The challenge now is coming up with the money after some of our preferred backers indicated they were no longer interested.

"But I think finding the money is the easiest part and I am still confident we will be able to get some great people on board and make the deal happen."

Struggle

Former chairman Freddy Shepherd believes the club are facing a big struggle to find an investor.

"The last I heard from someone in the city, the club has had 100 applications, but 99 of them have been barking mad," he said.

"Getting the right person in at the moment is going to be difficult. There's a credit crunch which will be impacting on potential buyers as much as anyone.

"It doesn't matter who they are. The global markets are in turmoil.

"No-one is going to give Mike Ashley a huge profit for the club now, you don't have to be a rocket scientist to work that one out.

"Whoever is going to buy it will know they are going to have to buy players in January.

"If Ashley doesn't sell the club by January, he's going to have to strengthen the team.

"That's why he will be aiming to sell the club before the transfer window opens."