Profitable Group plotting United takeover
According to reports in the British press, Singapore-based Profitable Group are the latest company to express interest in taking-over Newcastle United. The Evening Chronicle cites a source who claims that former Liverpool and England International Steve McMahon is handling the deal, and may take former Chairman Chris Mort's job at St James' Park.
Profitable Group already has strong ties with Premiership giants Liverpool, with Kop legend Kenny Dalglish on their payroll.
The Singapore-based group has revealed an intriguing plan to turnaround the fortunes of the hapless Magpies which includes: turning Newcastle United into a trust which will give fans a major say in club politics and draw similarities with the Barcelona model in La Liga; appointing Alan Shearer as manager and then backing the Newcastle icon with transfer funds to help the side get back into the Premier League; ensuring a footballing figure's appointment at boardroom level to ensure that Mike Ashley's series of high profile errors are never repeated; and increasing the capacity of St James`s Park to 60,000 in the next three years.
A Profitable Group spokesperson, while speaking to The Evening Chronicle revealed:
"Yes we are interested in buying Newcastle United - and we`re putting together a plan."
"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 to 60,000 which is being explored."
"We will look to give Alan time to spend and funds to build his squad - but we have to say now that we are not interested in highly paid players at this moment in time - we won`t be a Chelsea.'
The spokesperson also added: "What this club needs now is somebody who understands the area, understands the people and how this club works."
"Steve McMahon can offer expertise in the background. But Alan is the man we want."
The Group is expected to table a bid in the region of £100 million in the next few days with a swift completion of the deal tipped by insiders on Tyneside.