Singapore group refuses comment on Toon takeover report
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Newcastle United Set For Take Over By Singapore Consortium - Report
A group from the Far East are lining up a purchase of the Magpies, according to local press.
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."
goal.com
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Are the pundits at ESPNSTAR involved? I have always thought they were either the owners or board members.
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Singapor-based consortium? Don't tell me TemaSick Holdings involved too?
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Nope. Singapore has more than 1 consortium.
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Its the "The Profitable Group" again.
Anyway its disappointing that they only buy them when they got relegated!
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Singapore group refuses comment on Toon takeover report
SINGAPORE, June 10 (Reuters) - The investment group linked to a multi-million pound takeover of English club Newcastle United has refused to comment on reports of the bid which would turn the Championship (second division) side into a Barcelona-style trust.
"We are aware of the reports but we have no comment at the moment," John Gaunt, Chief Executive Officer, Profitable Group, told Reuters when contacted at his Singapore headquarters on Wednesday.
The investment group had contacted advisor Seymour Pierce to conduct the sale, Britain's Financial Times reported.
Former Liverpool and England midfielder Steve McMahon is on the board of Profitable, which told the Newcastle Evening Chronicle that it had spoken to Newcastle United owner Mike Ashley and was putting together a plan.
Ashley officially put the recently relegated club up for sale on Monday for 100 million pounds ($160.9 million) [ID:nSP490692].
The Evening Chronicle reported on Tuesday it had seen the company's initial blueprint for a takeover and that a source had outlined some of the groups plans including:
* Turning the club into a trust where fans have a major say
* Increasing St James' Park capacity from 52,000 to 60,000
* Retaining Alan Shearer as manager
Profitable Group is the company behind Liverpool's visit to Southeast Asia next month. The Premier League giants will play games in Bangkok and Singapore during the tour.
According to its website, the Profitable Group "exists to increase the wealth of its clients, its employees and its owners, through the provision of strategically selected investment opportunities".
The group says its aim is "to be internationally recognised as a premier provider of strategic global investment and a responsible and ethical builder of wealth".
McMahon is not the only soccer connection the investment group boasts.
Former Celtic, Liverpool and Scotland striker Kenny Dalglish is listed as UK Operations Advisor while ex-Birmingham City player Paul Masefield is listed as a Sponsorship Manager.
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Originally posted by Y_Shun:
Its the "The Profitable Group" again.
Anyway its disappointing that they only buy them when they got relegated!
Ashley will not sell at £100m if they are still in the top flight....this is already a cut price...if i got the money, i will also buy it...good investment, they will be up there next season.
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just hope that this profitable group can be like roman 
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If the takeover does go through I would like to be scout pls I will use FM09 or 10 to good use hehe :D
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why no arab billionaire interested?