Singapore group linked with Newcastle takeover
By Soccernet staff
A Singapore-based company appears to be in pole position to take control at St James' Park after current owner Mike Ashley put Newcastle United up for sale for £100m.
Ashley, who oversaw the club's relegation from the Premier League this season, has let it be known he will accept the first viable bid which matches his asking price as he seeks to bring a speedy end to his miserable reign at the North East club.
Sources close to Singapore-based investment company the Profitable Group, which includes former Liverpool and England midfielder Steve McMahon among its staff, have confirmed its interest in Newcastle.
They are believed to be among a handful of potential buyers to have registered an interest with Keith Harris, chairman of investment bank Seymour Pierce, who has once again been engaged to offload the club.
The Profitable Group has indicated that were it to take control of Newcastle it would seek to appoint Alan Shearer as full-time manager and back him with money to invest in what could be a radically different playing squad next season in the Championship.
Whether the interest from Singapore becomes a firm offer remains to be seen, as Newcastle fans know only too well having previously been told that Harris and Seymour Pierce were in talks with consortiums from South Africa and Nigeria after Ashley initially put the club up for sale last year.
However, this time around the sportswear magnate, who has seen his £1.4bn fortune halved in the credit crunch, is determined to sell and cut his losses.