Mike Ashley is casting his net ever wider in the search for a buyer as potential investors denied any interest.

Ashley's presence in Dubai, along with managing director Derek Llambias, Dennis Wise and Tony Jimenez, has caused a flurry of speculation since he confirmed on Sunday evening that the club is for sale.

However, his trip has yet to pay dividends with the Dubai Investment Group following Dubai International Capital in insisting they have no intention of taking Newcastle off Ashley's hands.

A statement from Dubai Investment Group said: "Following incorrect media speculation about Newcastle Football Club, Dubai Investment Group can confirm that it is not involved in any negotiations to buy Newcastle Football Club, nor does it plan to do so in the future."

The denial came amid reports that Ashley had snubbed a meeting with Arab investors after being told they were prepared to offer only £200million for the club.

That would have represented less than half the £480million said to have been quoted in documents handed to representatives of the emirate's ruler, Sheikh Mohammed bin Rashid Al-Maktoum, earlier this week.

But sources close to Ashley have claimed that the billionaire, who spent the evening at a Dubai beach bar with Llambias and executive director (football) Wise, was never due to attend the talks, with vice-president (player recruitment) Jimenez there as his representative.

Both the Dubai Investment Group, an arm of Dubai Holding, and Zabeel Investments have been linked with a bid for the club.

However, Zabeel Investments chairman Mohammed Ali Al-Hashimi has insisted he has had no direct contact with Newcastle or their representatives.

He told www.ArabianBusiness.com: "We have not had any contact. I am not interested in any [English Premier League club] right now."

Ashley, who bought Newcastle for £134.4million 16 months ago and has spent around £110million on it since, decided to sell up after concerted protests against him and his regime before and after Saturday's 2-1 Barclays Premier League defeat by Hull at St James' Park.

Furious fans called for former manager Kevin Keegan's reinstatement and the departures of sportswear magnate Ashley and Wise, and they are being offered a chance to become part of the solution.

A representative of the Ashley camp suggested at the weekend that fans should join forces to acquire the club themselves if they wanted to run it, and that is exactly what Newcastle Fans United hopes to do.

The pressure group, which has the backing of the supporters' campaign website www.savenewcastle.com, has recruited top sports lawyer Mel Goldberg to front a bid to raise the cash to buy Ashley out.

That could mean the equivalent of 300,000 people investing £1,000 each with shareholders having an equal vote on how the club, which could also be afforded charitable status as a result, is run, although team affairs would be left to the manager.

They hope the likes of Keegan and club legend Alan Shearer will back their attempt to put the club into the hands of its supporters.

Spokesman Peter Lee said: "Newcastle Fans United are a team of consultants supported by top sports lawyer, Mel Goldberg.

"We seek to create a 'Socio' owned club, similar to FC Barcelona. We urge all Newcastle fans and all supporters of football around the world to get behind the bid."

Meanwhile, Newcastle are understood to be considering appointing an experienced figure to assist caretaker boss Chris Hughton as the search for a buyer and Keegan's replacement continue.

The indications were last week that Hughton could remain in charge for several weeks yet, and with coaches Steve Round, Terry McDermott and Adam Sadler, as well as Keegan, having left the club in recent months, staff members are thin on the ground.

Alan Curbishley, who left West Ham citing interference from board level during the same week as Keegan quit, has been mentioned as a possible contender, as has David O'Leary.

There was at least some welcome news for the Magpies today when the Football Association confirmed midfielder Danny Guthrie will serve only a three-match ban for the horrific challenge which left Hull's Craig Fagan with a broken leg.

An FA spokesman said: "Every sending-off carries an automatic sanction under the current regulations.

"The FA doesn't have the power to extend automatic suspensions.

"The only circumstances in which we could take any further action would be to issue an additional charge against a player.

"This occurs only in exceptional cases, such as Ben Thatcher's challenge on Pedro Mendes in 2006."