Ashley ready to call Tyne on reign

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Football News

Newcastle owner Mike Ashley is awaiting developments as the race to take the club off his hands gathered pace.

The Magpies supremo has let it be known he will accept the first viable bid which matches his £100million asking price to bring an end to his miserable reign at St James' Park.

Sources close to the Singapore-based strategic global investment company the Profitable Group, which boasts former Liverpool and England midfielder Steve McMahon among its workforce, have confirmed its interest in Newcastle.

They are understood to be one or four or five 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 it would seek to employ Alan Shearer as manager and back him with hard cash as he attempts to drag the club back out of the Coca-Cola Championship at the first attempt.

However, fans have been given hope before - South African and Nigerian consortia were vociferous last autumn after Ashley initially put the club up for sale, but never came anywhere near to getting their hands on it.

But this time around, the sportswear magnate is determined to sell and cut his losses after presiding over a spectacular demise which has cost Newcastle their Barclays Premier League status.

The fightback cannot start in earnest until the club's ownership is resolved, the managerial situation is addressed and the squad is re-shaped for a very different challenge.

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Premier League
Newcastle United
Alan Shearer
Steve McMahon

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