Newcastle United Set For Take Over By Singapore Consortium - Report

Newcastle United were put up for sale by beleaguered owner Mike Ashley in the wake of their ignominious relegation from the Premier League for £100 million, and it now looks as though a potential buyer has been found.

Singapore-based organisation The Profitable Group have been linked with the purchase of the club by The Newcastle Evening Chronicle, in what could well be a very popular development with supporters.

The group are rumoured to have a strong Geordie connection, and have former Liverpool, Everton and Aston Villa midfielder Steve McMahon on board as Group Commercial Director.

They also apparently have plans to turn the club into a trust, giving the fans a greater say in club affairs, along the lines of the way in which Barcelona are run. There is also a reported intention to appoint Alan Shearer as manager, back him with funds and appoint a footballing figure to the board, in order to avoid the kind of high-profile errors made by Ashley during his torrid tenure with the club.

"Yes we are interested in buying Newcastle United - and we’re putting together a plan," a Profitable Group spokesman told The Chronicle.

"We have spoken with Mike Ashley and Derek Llambias and we are hoping that we can reveal a lot more in the next few days.

"We have people within the company who have strong Geordie roots that stretch more than 40 years. And there are people here who have a love for the club - we think that is vital for Newcastle at the moment. 

"The plan we have in mind is to get the club on a sound financial footing first and foremost. Then we aim to turn the club into a trust. It will be very similar to the Barcelona model where fans have a major say on what happens at the club.

"Without any question we see Alan Shearer as the man to manage the team. Yes, we have Steve McMahon on board but he is not looking into management. He is though a football man and understands the game inside out.

"There is also scope to look at increasing the capacity [of St James' Park] to 60,000 which is being explored."

It is certainly a huge challenge to restore the club to greatness, and one that former chairman Sir John Hall thinks would be beyond the financial reach of many local entrepreneurs.

"It's not an easy league to get out of these days. It's a very, very tough league, and I don't know how we're going to fare," Hall told Sky Sports News.

"It's way beyond the resources of most of the local businessmen whose hearts are in their local club. We haven't got the billions to invest or to play the game as this foreign investors are coming in."

Mehzeb Chowdhury & Zack Wilson, Goal.com