Diamond says that "all options are on the table" as regards to potential investment, whether that is a full takeover of the club or a minority stake.

But with the Falcons operating on a far lower budget than the rest of the Premiership clubs, much lower than the salary cap permitted by the league, and with a smaller squad, new money would allow them to be more competitive on the field.

For Diamond, tapping into being rugby union's representative across the north east should make it attractive.

"The USP is being part of the Premiership, and potentially a part of the big European competitions," he said.

"It's a great community club across from Cumbria, Northumberland, Tyne and Wear and Durham.

"It's a massive area and hundreds of players who have played international rugby have come from that area. That in itself is a lure for someone wanting to be part of a historical club like Newcastle."