Source: Telegraph
Newcastle urge Profitable Group to prove their worth
The gauntlet was thrown down after Profitable Group officially confirmed their interest in buying the Championship club, which has had a £100 million price tag placed upon it by owner Mike Ashley.
Profitable have contacted investment bankers Seymour Pierce to register their interest in bidding, although it is understood there are three rival groups plotting a move for Newcastle.
One consortium fronted by a South African-based banker, and another led by former chairman Freddie Shepherd, are said to be at a more advanced stage than Profitable whose consultants include former Liverpool players Kenny Dalglish and Steve McMahon
Profitable published a statement on their website yesterday confirming their interest.
'The Profitable Group can confirm that it has expressed an initial interest in acquiring Newcastle United.
'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, 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.'
Profitable have already revealed they are keen to restore Alan Shearer to the manager's office and, as well as a proposal to raise the capacity of St James' Park, they plan to increase fans' influence at the club in a similar model to that at Barcelona.
However, senior club officials have insisted Profitable must provide proof they have the funds needed to buy the club 'as soon as possible' or they will not be considered serious bidders.
Profitable officials are understood to have made formal contact with Keith Harris, chairman of investment bankers Seymour Pierce, who has once again been engaged by owner Ashley to sell the club.
However, managing director Derek Llambias has revealed talks have taken place with 'three or four' other interested parties and prospective buyers are currently mobilising their forces in the wake of Ashley's £100 million 'come-and-get-it' offer.
Little detail has emerged from St James' Park, with the current regime desperate to get out after a disastrous two years in charge, which resulted in relegation from the Premier League at the end of last season.
However, South African and Omani consortia have been linked with the club, while former chairman Shepherd is also rumoured to have been asked to spearhead a bid.
Indeed, Shepherd has reportedly already met Shearer, the man who ended the last campaign as manager and the fans' favourite for the job on a permanent basis, to discuss possible ways forward.
Newcastle's need is growing by the day - with a week to go before the Championship fixtures are released, they have an owner who does not want to be there, no manager and a squad of players they cannot afford - and several of whom they do not want - with no one to take the decisions which need to be taken before a recovery can begin.
