Profitable withdraw Toon bid

Singapore-based group can't provide proof of funding

Last updated: 28th July 2009   Subscribe to RSS Feed

Profitable withdraw Toon bid

St James' still under Ashley control

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Profitable Group have withdrawn their interest in buying Newcastle United.

The Singapore-based group had been one of the leading candidates to take over at St James' Park.

But Sky Sports News understands that the group were unable to provide proof of funding of £100million needed to purchase the club.

The group, whose commercial director is former England international Steve McMahon, had stated their intention to bid for the club and to appoint Alan Shearer as manager.

But now the bid has fallen by the wayside, meaning a takeover before the start of the new season looks increasingly unlikely for the beleaguered North East giants.

Comments (29)

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James G (Newcastle United fan) says...

If Mike Ashley is this great business man who made himseld a billionaire why can't he realise by investing his money in the club for one more year and not letting the better players leave (all under contract) he would get us back in the Premiership and get all the fans excited about the games again. Newcastle United in the Premiership are a great investment big crowds and Shirt sales, it would sell easily, he bought it when they were in that position because he thought it was a good investment and would have been if he hadn't made some stupid errors (wise). Let Lambias and Shearer run the club for one year sign Beckford and a couple of loans eg: gibson (Man U), offer the likes of Volz who is on a free the chance of a club. You then get the basis of a squad that can get promoted. C'mon Mike open your eyes and realise with Shearer as manager we can start rebuilding our club.

Posted 11:59 29th July 2009

Mark Deeks (Newcastle United fan) says...

We are in all kinds of trouble and I simply cannot fathom Ashley's logic. Make the club worth less by not appointing a manager to do the necessary buying / selling to prepare us for life in the Football League, leaving us rudderless with a huge wage bill and no one at the helm to even answer the phone from clubs wanting to take some of the big earners away, making the club less appealing to potential buyers. Or appoint a manager to sort it who all the fans, and even all the senior players have come out and said should get the job, has worldwide pulling power and status and is desperate for the job. It's astronomical. This is not the ramblings (as fans of other clubs seem to wish) of someone who wishes us to prove we are a big club. It's the heartfelt appeal of a lifelong black and white who wants to simply ask the question: Dear Football League - Is there nothing that can be done in this dire hour of need to investigate why our owner is so flagrantly treating the club with such total disregard? Never mind Thaksin Shinawatra not being fit for purpose, what about Ashley? The lies are scandalous. "First bid of £100m gets it." Then "There have been more than 2 (stupid sentence I know) bids of £100m". Then STILL no sale weeks later. Some days I seethe, some days I ask "What can you do?". But most of all my black and white heart is broken.

Posted 10:45 29th July 2009

David White (Southampton fan) says...

I don't believe the Profitable Group ever truly intended to buy Newcastle - it was purely a PR exercise to boost the profile of their company. If you've ever been unlucky enough to watch one of their adverts on TV, you'll know that this is definitely NOT a company with huge financial resources. As a rule, if a bidding consortium goes to the press before a deal is complete, don't believe a word of it. As a Southampton fan I should know!

Posted 09:39 29th July 2009

Richard A (Newcastle United fan) says...

A bit of transparency from all sides would be useful now. Perhaps now that this bid has fallen by the wayside it would be quite reasonable to make public some of the correspondence between the two sides. Without this, it's impossible to know who is telling the truth in this matter - Seymour Price or Profitable Group. I think it is also reasonable for football league administrators to step in and investigate why Ashley is running the business so badly. There are clear rules in place regarding responsible ownership of clubs. It's time for them to be used.

Posted 01:01 29th July 2009

Gilmore Carol (Newcastle United fan) says...

Phil Overton - Ashley has had his fingers burnt because he did not do due dilligence when he bought the club and ended up paying £100m more than he thought, thats not the fans fault! Can you honestly say you think he a done a good job of running Newcastle United? If you think he is so marvellous you are welcome to him, I hope he buys Tottenham and ruins it the way he has ruined my club.

Posted 22:11 28th July 2009

Dappy Duck (Newcastle United fan) says...

When Fred sold the club to cashley was like giving a five year old a chainsaw.

Posted 21:57 28th July 2009

David Barker (Newcastle United fan) says...

An open letter to Mike Ashley When you first took ownership of Newcastle United your intention was to improve on what had went on within the club both on and off the pitch. But due to appointments that were never going to be of benefit to the long term well being of NUFC (Wise & Kinnear) and of your own obvious mis-judgement of the feelings of the whole city, leading to you fear for the safety of your family, it seems to me that you are now giving the impression that you are so devoid of any feeling for the club that you are willing to let it go into freefall despite all of the millions you will lose in doing so. Please, appoint Alan Shearer as manager as this will not only instill confidence in the team and he fans, but also into prospective buyers, giving some much needed stability and you some sort of return on your investment.

Posted 21:09 28th July 2009

Gary Millar says...

After NUFC end up in League 1 in 2010/11 Ken Bates will buy the club for a quid.

Posted 13:13 28th July 2009

Craig Buckle (Sunderland fan) says...

It just goes to show that pride comes before a fall. Newcastle supporters have been saying what a massive club they are for too long now. Enjoy the slippery slope of the Football league's graveyard. Bigger clubs than you have failed to make it back, you are in deep trouble.

Posted 13:12 28th July 2009

Alan Rutherford (Newcastle United fan) says...

No surprise that the profitable group have pulled out. Ashley has bought a club that he can't afford to improve and will lose a fortune if he ever finds someone to take it off his hands. My guess is he will take us into administration and we will continue to drop through the leagues - ending who knows where. I can understand Sunderland fans having a laugh, but it seems crazy that teams like Leeds and Newcastle with average attendances well above 40,000 can be run so poorly. Surely, the Premier League needs big crowds - if only to make it appear exciting stuff for all the overseas sales. Perhaps they should introduce some rules similar to Rugby League to stop chairman / owners overspending. Fat chance !

Posted 13:10 28th July 2009

John Fox (sunderland supporter) says...

Mike Ashley is a disgrace I agree with the comments above he should be banned from owning any sports clubs football or otherwise. He is led by greed and won't sell till he gets his money back which just isn't going to happen in the Championship. It really is a shame for all the diehard Mag fans to be going through what we went through for years. Theirs is worse as they seem to have a chairman who doesn't give a sh!t about them. I hope things are sorted soon and they are bakc where they belong. The Tyne Wear derby is the most fanatical outside of an old firm derby anywhere in the country you have to be there to appreciate it.

Posted 13:03 28th July 2009

Stuart Evans (Preston North End fan) says...

Newcastle are in serious danger of slipping doon the leagues. Too big you say? That's what Man City, Forest, Sheff Weds et al thought when they parachuted from the Premiership. It's time to live within your means and cut your cloth accordingly. The only diference between Newcastle and the majority of clubs in the championship is they potentially will get bigger crowds and have a bigger stadium than most but they will still have the big debts and the big void in the trophy cabinet like the rest of us, so give it a rest about being a big club, that's as tired and as dated as my team being reffered to as a sleeping giant yawn!!!!. I personally look forward to seeing how Newcastle cope in the CCC and I'm sure whatever is left of the Toon army will add colour and noise to whatever ground they visit, though I hazard a guess there will be a few more people swelling the topless posse when the away strip is the alternative!

Posted 12:49 28th July 2009

John Blakey (Newcastle United fan) says...

Having been a long life supporter of the Toon, and hearing the result of Saturdays game. I have a bad feeling about the new season which is just round the corner. I know how i feel about the Mike Ashley dibarcle, if he wants to sell the club he should do it and leave. Because all he is doing creating disharmony between the club and the loyal supporters, who at the end of the day have the club in there HEART. I hope i am wrong and we get our act together on the park. But most of all i would love to see Alan Shearer in charge, because he commands the respect of the team and make them play as a team. "Comon The Magpies"

Posted 12:47 28th July 2009

Jonathan Hedley says...

What we need is Mike Ashley to regain stability, basically come out lay the cards on the table and admit you have made a huge mistake and give it 1 more season,during this time look for a more suitable buyer,stick alan shearer in charge with a view "hopefully" of returning back to the top flight,where we belong!!!!!!!! Been a fan all my life and season ticket holder for ten years, in my opinion Shearer has failed....simple as, he took us down, Dont get wrong, he was the greatest,but does that make him automatically a top manager???I suggest learning your trade down the road at either Darlington,Hartlepool or Carlisle,its about time this club got out of the past and living in the history and mist of messias shearer and keegan, we need to move on quickly and soundly before we turn ito another Leeds United, the thing with the "Big Club" syndrome,what because we have a big ground and sell loads of shirts,it means nothing.....14 yrs ago we were head to head with Manchester United for the title, now we are the laughing stock of english football.... I just wish Sir Bobby was 10 years younger..... Chin up tho,keep the faith....Mags

Posted 12:41 28th July 2009

Jamie Wightman (Newcastle United fan) says...

After hearing the news that the profitable group deal collapsed i wasnt surprised one bit to be honest,wish they would disclose the supposed other interested parties. What Mike Ashley should do is take club off the market install Shearer as Manager with dowie as number 2,give him the funding and see how things progress it might make us a more sellable..without the stability of a manager i can see us struggle big time this season

Posted 12:26 28th July 2009

Daniel Stodart (Newcastle United fan) says...

Why cant everyone just see that all Ashley wants to do is ruin our club. The only why he will leave is when we are put into administration just so he can stick it to the fans. The profitable group were never in the running for the club just as Paul said they wouldnt be allowed to open there mouths. No one is interested in the club and i wish Ashley and his yes men would tell us that is the case. Even the the man charged with "selling the club" is on holiday.

Posted 12:17 28th July 2009

Paul Wilson-smith (Newcastle United fan) says...

At least with Freddie Shepard we knew where we stood,Come on Freddie buy the club back at but Gordon Strachan in charge.

Posted 12:15 28th July 2009

Stephen Robinson (Manchester United fan) says...

Mike Ashley seems intent on destroying Newcastle United. How he can possibly hope to recieve £100M for a club which is languishing in the Championship (Soon to be league one if new owners arent instated within about the next week) is beyond me. He needs to cut his losses and lower the asking price to something more inline with the clubs actual value. I just want to cry when I think of what has happened. The club is the laughing stock of the Football League. The players dont care, the Owner doesnt care, the manager doesnt exist. And for some reason, everyone seems to think that appointing Shearer will save the club? I cannot think of a worse decision. Please, for the love of God dont give Shearer the reigns. Yes, he is a living legend in the North East and one of the best players to ever play for the club, and yes. he genuinly loves the club, but the Championship is not the place for him to cut his teeth. He is not the man for the job as was proved last season. In time maybe he will be, I hope he is, but not now. We need a manager with Championship Experience. Shearer was Ashleys cop out to the fans. He knew he couldnt loose because Shearer was a fans choice. We now face years of lower league football. The gap between the Premiership and the Championship is astronomic in terms of money and the level of football and frankly by getting relegated, we have instantly losty 5 years.

Posted 12:12 28th July 2009

Peter Stewart (Newcastle United fan) says...

The longer this man stays the worse it will get. We are on the brink of administration, Leeds mk2 i fear for us.

Posted 12:12 28th July 2009

Phil Overton (Tottenham Hotspur fan) says...

Here we go again. "Woe us" from Newcastle fans. They have never stopped having a go at the man who put £240million of his own money into this club and because he does not bow down to these thankless fans, all they do is moan and snipe. No wonder no one wants to buy them. If Newcastle fans feel so passionate about their club and really want Ashley out, why don't they raise the money themselves. Maybe the great saviour Shearer will put up a few Million to get them on their way, but I very much doubt it.

Posted 12:00 28th July 2009
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