New investor eyes Newcastle bid

Former Sunderland shareholder Charlie Chawke is hoping to put together a syndicate to buy Newcastle.

Chawke was part of the Drumaville consortium which bought Sunderland three years ago and which was bought-out by Ellis Short in May.

"We're trying to put together a syndicate interested in football and then investing with us in Newcastle," Chawke told Irish broadcaster RTE.

"Newcastle would fit very nicely into our portfolio. It is a great club."

Newcastle owner Mike Ashley wants £100m for the club.

He paid for £134.4m for the Magpies in May 2007 and is believed to have invested a total of £244m in the club since then.

Newcastle were relegated from the Premier League last season and the club claim to have had at least two bids which have met the current asking price.

606: DEBATE What are your thoughts on any potential takeover from a consortium put together by Chawke?

Chawke confirmed preliminary talks are taking place with Newcastle, although they are with the club's legal and financial people rather than Ashley.

"It's on sale for about £100m, which is about £500m less than what it was worth a year-and-a-half or two years ago," added Dublin publican Chawke.

Chawke was part of a syndicate of eight who bought Sunderland and he says it would be a similar set-up if a potential takeover of Newcastle was successful.

He added: "We're thinking about possibly the same as we had in Sunderland, about eight people maybe, depending on what money we can get.

"It's a great city, Newcastle. It's a bit like Dublin - vibrant, full of fun - all the best things in life are there.

"It makes perfect sense if I could just swing it."