Profitable Withdraws Newcastle Bid

The Singapore-based Profitable Group has pulled out of a deal to buy financially troubled Coca-Cola Championship club Newcastle United.

Profitable Group, which is fronted by former England midfielder Steve McMahon, pulled its bid after apparently receiving no contact from Newcastle.

McMahon stated: ‘We put a bid in two weeks ago and had no communication, no response – nothing.

‘We have pulled out. How long can you keep hanging on? It really is poor form from Newcastle, but if that’s the way they want to run their business, good luck to them.’

It is believed that several parties remain interested in the club, but no timetable for the sale has been set.

Meanwhile, reports that owner Mike Ashley is considering putting the club into administration have been blasted as untrue by Newcastle.

The news is another blow to Ashley’s attempts to sell the club, which has been on the market since June, following their relegation from the Premier League.

Earlier this month, managing director Derek Llambias confirmed there were at least three bids on the table, and a group of Malaysian businessmen interested in buying the club have visited Tyneside twice.

However, it appears unlikely that any takeover deal will be concluded before the start of the new Championship season in 11 days time.