The consortium backed by US hedge fund Polygon has "no intention" of tabling a takeover bid for Premiership outfit Newcastle United.
Today's statement from St James Park Group clears the way for Jersey-based investment firm Belgravia to follow up its interest in the north-east side.
"St James' Park Group confirms that it is no longer in discussions regarding such [a] possible offer and has no intention of making an offer for Newcastle United at this time," the statement read.
Newcastle chairman Freddy Shepherd, who owns a 28 per cent share in the club, revealed last month that talks were being held with more than one potential bidder.
The Polygon-backed consortium was initially aiming to buy the 40 per cent share owned by John Hall and his son.
Despite sustained levels of investment in the first-team playing squad over the last decade the Magpies have not won any silverware for more than 30 years.
But despite the club's debt, its massive fanbase and 52,394 capacity St James' Park Stadium makes Newcastle an attractive proposition for investors.
Glenn Roeder's team currently lie in 14th place in the Premiership, with last week's 2-2 draw with Manchester United making light of one of the league's worst injury lists.
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