Profitable Group confirms Toon interest

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Football News

The Singapore-based Profitable Group has confirmed its interest in buying Newcastle.

Two days after it emerged that it was preparing to launch a bid to buy out Mike Ashley, the company released a statement on its website revealing it has made contact with investment bankers Seymour Pierce.

The statement said: "The Profitable Group can confirm that it has expressed an initial interest in acquiring Newcastle United."

It continued: "A preliminary discussion with the representatives appointed to handle the sale of the club has been held, but contrary to some reports, no direct talks have been held with either the owner, Mike Ashley, or the chairman [sic], Derek Llambias.

"The group consider the leaking of the Group's interest in this matter unfortunate, and as supporters of Newcastle United, seek only to serve in the best interests of the club, the fans and the local community.

"The group will not be making any further comment at the present time."

It is understood the Profitable Group has been in touch with Seymour Pierce chairman Keith Harris, although its is one of several parties to have done so with others at more advanced stages in their prospective bids.

One of the "three or four" groups acknowledged by managing director Llambias to be in the race earlier this week is thought to be South African-based, while another originates from Oman.

In addition, former chairman Freddy Shepherd has been linked with another consortium.

However, potential buyers with a genuine interest will have to sign non-disclosure agreements and prove they can come up with the money both to meet Ashley's £100million asking price and service the club's remaining debt before substantive talks can begin.

Copyright (c) PA Sport 2009, All Rights Reserved.

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