Business of football: Newcastle United have denied that the board had unanimously accepted a £227 million (€340m) takeover offer, but there are still strong suggestions that the club will change hands early next year.

Press reports claimed that Newcastle had finalised a deal with the American financiers Polygon and the United Bank of Switzerland (UBS), with the new joint-owners scheduled to take charge in January. But the club, who would have to announce any formal offer to the stock exchange, swiftly issued a carefully worded denial.

"The board wishes to clarify that it has not accepted any proposals for the company from any party and nor is any due diligence being conducted on the company," said an official statement to the stock exchange, which did not preclude the possibility that talks may be continuing.

A subsequent sentence read: "There can be no certainty that an offer will be made, nor as to terms on which any offer would be made," arguably hinting that possible preliminary discussions about buying the club may be under way.

If so, they are probably not with the United Bank of Switzerland. It seems unlikely that UBS would fund such a deal, although it could be involved in providing advice to a possible buyer.

One potential purchaser is the Jersey-based Belgravia Group, which yesterday insisted it retained an active interest in acquiring the club. Intriguingly, yesterday's stories about a surprise rival offer may have the effect of accelerating Belgravia's decision-making process about whether to submit a bid.

John Hall, Newcastle's major shareholder, initially held talks with Polygon, a US-owned investment company which manages a total of almost €1.5 billion and was involved in the corporate restructuring of British Energy and fashion retailer Monsoon.

More details about failed or active buyouts may be revealed at the club's agm in London on Tuesday, when sources say Freddy Shepherd, the chairman, will "talk enthusiastically about his plans for the future".

Shepherd owns a 26.7 per cent stake in Newcastle, but the Hall family hold the controlling interest, with John Hall, the former chairman, possessing 28.5 per cent of shares and his son Douglas 13 per cent.

The Halls have appeared keen to sell their stake for some time but Shepherd, whose holding has increased in recent months, has publicly indicated a desire to remain in charge at St James' Park despite the fact that he is viewed with suspicion, if not downright hostility, by some fans who called for his head after the recent home defeat by Sheffield United.

But money talks, and under the suggested terms of yesterday's alleged deal Shepherd - who is 65, and whose wife has recently suffered heart problems - would have received €30 million and the Halls around €72 million.

n Newcastle United were last night optimistic they had won their first trophy since the Fairs Cup in 1969. "We're waiting for confirmation, but we think we're the Intertoto Cup winners," said the manager Glenn Roeder.

His side are the only one of the teams who progressed to the Uefa Cup via the Intertoto still standing in Europe. Their reward for reaching the last 32 of the Uefa Cup is likely to be a rare piece of silverware.

• Guardian Service