'Billionaire' Joseph DaGrosa reveals why he is interested in buying Newcastle United with Peter Kenyon

The American investor is believed to be teaming-up with Peter Kenyon to facilitate a £300million purchase of the club.

And DaGrosa has offered an insight into why he is keen to invest in ‘storied’ clubs such as Newcastle United.

The 55-year-old led a bid to buy Bordeaux last year and, in an interview with the Guardian, revealed why he feels investing in clubs with ‘enormous potential’ is a clever strategy.

"Sports have always been on our company’s radar and this is a league that has enormous potential,” he said.

“You can buy a Major League Baseball team which costs $1bn and is in a death spiral or, for a fraction of the price, own a storied club in Europe that’s going to continue to grow and ultimately realize its value down the road.”

Despite his personal wealth, DaGrosa hasn’t invested heavily in Bordeaux since taking over - instead focusing on developing young players, with a similar strategy set to be implemented at St James’s Park should a deal be completed.

But he insists his clubs are ‘here to win’.

"We’re here to win, he added.

“It may take us a while, but we’re here to win. You have to adapt to the warrior within. It’s a war.

“The fans are working all week. They have to pay the bills.

“Sports is entertainment and our job is to deliver an entertaining product.”