A second Middle East investor is looking to make an offer for Newcastle United.

The group — based in Dubai — have been monitoring the situation at St James' Park in recent weeks and analysing the club's accounts, but only those details which are in the public domain.

No formal bid has been made and they have not entered a period of extensive due diligence, but it is claimed they have the means to meet owner Mike Ashley's asking price, which is around £350million.

It is claimed that the Dubai-based investor have the means to meet Mike Ashley's asking price

However, like Amanda Staveley and her Middle East investment fund PCP Capital Partners, they are said to be cautious given the team's position in the Premier League and it is unlikely any formal approach would be made until the club's top-flight status is certain. Rafa Benitez's side are two points clear of the bottom three in 13th place.

There is also concern over the HMRC investigation into the club's alleged tax fraud. British-based investment company Blackbridge Cross Borders have been lined up to facilitate a potential offer and they have made contact with Ashley's lawyers.

Sources have indicated that the Dubai investors are not concerned about financier Staveley completing a deal as they believe no sale will go through until the team is out of relegation danger.

Staveley has taken her offer to £300m but no agreement with Ashley has been reached and there is a stand-off over price and the terms of the deal in the event of relegation. Talks will continue now Ashley is back from a holiday in Miami.

Amanda Staveley and PCP Capital Partners face competition to buy Newcastle

Meanwhile, Benitez remains frustrated with Newcastle's lack of progress in the transfer market and is still waiting to discover if he will have any money to spend this month.

Newcastle's investigation into the conduct of coach Peter Beardsley continued on Thursday when managing director Lee Charnley met Yasin Ben El-Mhanni at St James' Park.

The 22-year-old winger has accused Beardsley of bullying and making a racist comment. Beardsley denies the allegations.