Source: Telegraph
Newcastle United in talks with Geoff Sheard over potential takeover at St James' Park
Newcastle managing director Derek Llambias said that Sheard, who spearheaded an unsuccessful bid for Sheffield Wednesday last season, had opened talks with the club through investment bankers Seymour Pierce.
The Lancaster-based entrepreneur's interest in the club became public just 24 hours after Tyneside businessman Barry Moat was given a further week by Newcastle owner Mike Ashley to come up with the funds to complete a £100 million takeover.
Despite Sheard's approach, Llambias said the he had yet to prove he has the funds available to launch a takeover attempt. "Geoff is dealing with Keith Harris and we are still waiting for proof of funds," said Llambias.
But sources close to Sheard, who was linked with a Newcastle buy-out last season, have insisted that he is serious about taking the club off Ashley's hands and there are suggestions that he has American backing but it is unclear if he would appoint Alan Shearer as manager.
"He's keen to run a football club," a source close to Sheard said. "It didn't work out when he tried to take over Sheffield Wednesday but feels he has something to offer Newcastle. He's got serious backing and is in negotiations with Seymour Pierce."
Ashley is expected to make a final decision on the future of the club at the end of this week and he may take the club off the market despite rumoured interest from two other parties, with a £39 million overdraft to deal with as well as his asking price.
Newcastle caretaker manager Chris Hughton, whose side face Huddersfield in the second round of the Carling Cup at St James' Park on Wednesday night, has pledged to remain focused despite the uncertain surrounding the Championship club.
"Probably from the first day of pre-season, I have been convinced by the end of that week that a decision would be made, and of course what has happened is that that's gone on and on," Hughton said.
"A decision will be made at some stage. What has been quoted this week is that they will give Barry Moat that extra time he needs, and that's all we can work off.
"If something happens, that would be beneficial for everybody, but until it does, we will get on with the business here."
Meanwhile, Hughton said he was unaware of any bid from Everton for centre-half Steven Taylor.
