The Nigerian consortium linked with Newcastle have confirmed they lodged an official bid for the club last week.
Chris Nathanial, chairman of NVA management, is fronting the approach as current Magpies owner Mike Ashley looks to sell the North East outfit.
With further interest in the Magpies coming from South Africa, Nathaniel insisted his clients would not be drawn into a bidding war for the troubled Magpies.
The prospective new owners are already putting together a long-term plan for Newcastle and are considering managerial possibilities at St James' Park.
Joe Kinnear is currently working as interim manager while the sale of the club is finalised, and he has stated that he expects former boss Kevin Keegan to return under whoever takes charge.
Nathaniel said: "We have put a bid in on Friday evening.
"We are now looking at things around improving the football club in anticipation of hearing back from Newcastle positively.
"Therefore, the consortium have asked to look at areas of how we can improve the club while Newcastle are considering the bid."
Nathaniel insists the Nigerian group are serious in their attempts to take charge, but they will not go beyond the price they have offered.
"As far as I know we are the only official bid to have been put in," Nathaniel added.
"I'm sure they will wait for other bids and make a decision on which one to accept.
"One thing is for sure, we will not get involved in a bidding war. We've earmarked money for transfers, money to buy the club and money to deal with the various deep-rooted issues behind the club like the academy.
"A budget has been put in place and my instructions are that they do not want to go over that budget."