Clock Ticking On Newcastle Bid
The Singapore-based Profitable Group has admitted time is running out on its proposed takeover of Newcastle United.
However, the Profitable Group, which is among a number of bidders attempting to buy the newly-relegated club, remains hopeful a deal could be concluded soon.
Commercial director Steve 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.
McMahon says his group have made a ‘very serious and genuine offer’ for the Newcastle and that a swift conclusion is vital.
‘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. There will be money available, it depends how much we acquire the club for.’
