Singapore-based Profitable Group has confirmed its bid to buy English Championship side Newcastle United.

The investment company told The Straits Times that an official bid was launched last week.

The commerical director of the group, Steve McMahon, said the company will be getting a reply from Newcastle by this weekend.

"We've had a bid, it's under serious consideration," McMahon said.

"It's a strategic move and it'll be great for the group and for Newcastle."

Newcastle have so far neither confirmed nor denied receiving a bid from the group. Toon owner Mike Ashley has slapped a £100 million price tag on the club and so far two groups have reportedly matched the valuation.

"The value (of buying the club) is awareness. We can turn what is a disaster at the moment into a sucess," McMahon added. "By the end of the week, we'll know of we're successful or not."

It is understood that a party of businessmen from Malaysia, who were shown around St James' Park and the club's Darsley Park training headquarters during a visit to Tyneside last Thursday, have also tabled an offer. Their bid, which was below valuation, seems to have spurred on the official bid from Profitable Group.

Before that, Profitable Group had been in touch with Seymour Pierce chairman Keith Harris, although it is one of several parties to have done so with others at more advanced stages in their prospective bids.

One of the "three or four" groups acknowledged by managing director Llambias to be in the race earlier, is thought to be South African-based, while another originates from Oman. In addition, former chairman Freddy Shepherd has been linked with another consortium.

However, potential buyers with a genuine interest will have to sign non-disclosure agreements and prove they can come up with the money both to meet Ashley's £100million asking price and service the club's remaining debt before substantive talks can begin.

It now seems that Profitable Group is in the driving seat to acquire the club ahead of its rivals.