Despite optimism at sustained interest from a series of potential purchasers, a breakthrough is far from imminent and the wait goes on for one of the consortia which have expressed an interest to hand over £100million and sign on the dotted line.

The men handling the sale for Ashley, whose Sports Direct company this week reported a 91% drop in profits, have been hopeful at various points over the last month or so of decisive progress.

However, that has simply not happened and that is a cause of intense frustration for all involved, not least manager-in-waiting Alan Shearer.

Representatives of a Malaysian consortium have twice visited the club, and it is understood an American group has also been on Tyneside.

But by far the most vociferous of the interested parties, who have all had to sign non-disclosure agreements, has been the Singapore-based Profitable Group.

They today claimed they have made a formal offer and are awaiting a response from Newcastle.

Commercial director Steve McMahon, the former England midfielder, told the Evening Chronicle: "Our people have been in London all week working with lawyers and attorneys and we have made them a realistic offer.

"We have been pushing ahead and, make no doubt about it, the money is in place - we are for real.

"We initially made a tentative bid to begin with, and discussions then took place. We were told to come back, and that's what we have done.

"There has been a formal offer and we want to get things done and dusted as quickly as possible."

The use of the term "realistic" suggests the Profitable Group is not one of the consortia to have met Ashley's asking price.

Indeed, sources close to the deal have insisted from the moment they declared their interest publicly that they are not among the front-runners.

But McMahon was insistent, adding: "We have done all we can do and we have gone through the process we were asked to go through.

"We are just waiting to hear - and we hope to hear something today.

"If we can give Newcastle the kiss of life then we would love to do it.

"We feel we have been very realistic with our offer and we certainly have the funds to go through with it."

Until a deal is struck, no manager can be appointed and no transfer dealing in or out can begin with prospective new owners adamant they want to make those decisions.

But the current crop of players will continue their preparations for the new Coca-Cola Championship season at Darlington tomorrow with midfielder Damien Duff full of praise for caretaker boss Chris Hughton and coach Colin Calderwood.

Duff said: "Chris and Colin have been thrown in at the deep end but they are totally focused on the job.

"They are two great guys and all of the lads respect them. They have put on a tough pre-season, but it's been good and I'm sure we will reap the rewards of that.

"They are difficult circumstances, but they are both very professional and the players respect them for that.

"Of course we would like to see the situation sorted, but for the time being, we all have to be professional and get on with the job of preparing for the new season."