McMahon downbeat on Newcastle bid

Steve McMahon's Profitable Group admits time is running out on its proposed takeover of Newcastle United.

However, the Singapore-based group, which is among a number of bidders attempting to buy the Magpies, remains hopeful a deal could be concluded soon.

Commercial director McMahon, a former Liverpool midfielder, said: "It's got to be in the near future, I would imagine this week would be crucial.

"If we don't hear anything by the end of the week, it doesn't look hopeful."

United are for sale for £100m after owner Mike Ashley put the club on the market following their relegation from the Premier League.

Former England international McMahon says his group have made a "very serious and genuine offer" for the Magpies and that a swift conclusion is vital.

"We understand the situation and Shearer is part of the future for Newcastle - if we acquire it"

"It needs something to happen very, very quickly for the Newcastle supporters, for the players and we're trying to make that happen," he said.

"We're not looking to steal the club off Mike Ashley - we've offered what we believe is the value of the club.

"We believe the expertise we have in marketing and the football side of it, we can make this work."

McMahon reiterated the Profitable Group's desire to reappoint Alan Shearer as the club's permanent manager if their bid is successful.

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" The problem with what McMahon has said is that they're holding out on paying more for the club to reserve cash for transfers "

Transfer funds would also be made available as the Magpies attempt to return to the Premier League at the first time of asking.

"There will be money available, it depends how much we acquire the club for," McMahon said.

"We need to get the club first but we would certainly be looking to keep Alan Shearer, he would be a major draw for players to the club and for the supporters.

"We understand the situation and Shearer is part of the future for Newcastle - if we acquire it."

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