Peter Kenyon's group aim to complete a takeover of Newcastle United by Christmas.
The Mirror says the former Manchester United and Chelsea chief executive is understood to be remaining hopeful of reaching an agreement with Toon owner Mike Ashley.
Kenyon has joined forces with US-based investment group GACP Sports, whose chief is Bordeaux owner Joseph DaGrosa.
GACP are reported to have already set up several new companies to facilitate a takeover at St. James' Park.
And a source said: They're hoping it'll happen. They're doing due diligence and they want to get the takeover done before the January transfer window, and then get some players in."
GACP are believed to be planning a 300million buyout of retail magnate Ashley, with the deal structured over three years and with an additional 50m injected into the club on completion of a change of ownership.
