The group is understood to be led by a fan and businessman based in the north east town.
Former Arsenal and England favourite Adams – now in charge of Spanish side Granada – has been brought on board along with Paul Smith.
Smith was Chelsea’s group business affairs director until his dismissal in 2007.
The pair were also linked with a proposed takeover of Aston Villa two years ago.
It is thought the consortium are a week away from putting in an offer for the club, with owner Ellis Short thought to want in the region of £80m to sell up.