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The sole bidders for The Albuquerque Tribune say they have lined up their investors and are feeling "optimistic" about their chances of purchasing the 85-year-old newspaper.

"We're in final negotiations," said Tom Carroll, president of Albuquerque public relations firm DW Turner. "We're very optimistic."

A spokesman for the Tribune's parent company, E.W. Scripps, however said the process wasn't that far along.

"We don't believe we are as far along in the process as Mr. Carroll's statement would suggest," said Timothy Stautberg, the Cincinnati company's vice president for communications and investor relations.

Scripps announced in August that it would put the Tribune up for sale, but if no buyer was found it would close the afternoon daily. The company retained the private investment banking firm Broadwater & Associates to assist in its search for a qualified buyer.

Only one buyer has emerged: a partnership of Carroll and Douglas Turner, CEO of DW Turner. Carroll said they are seeking to buy the paper as individuals, and not as representatives of DW Turner.

Carroll has declined to discuss details of a business plan for The Tribune, citing a confidentiality agreement.

But he said Monday was the deadline for potential investors to "come to the table," and they have the money to buy the newspaper.

"The outlines of the deal have been approved by both sides," Carroll said Monday. "The investment closed today. And the money is there.

"We're waiting for a final purchase agreement with Scripps."

Carroll declined to say the offering price for the paper. He also said he was unsure of a timeline for when a deal could be completed.

The Trib is published as part of a joint operating agreement, established in 1933. The controlling partner in the agreement is the Journal Publishing Co., which operates the Albuquerque Journal.

The agreement is set to expire in 2022. The Trib is for sale without benefit of the JOA, which Scripps and the Journal Publishing Co. intend to terminate.