Profitable Group in for Toon

Steve McMahon claims his Singapore-based investment company have launched a bid to buy Newcastle.

McMahon's consortium to install Shearer if bid is successful

Former Liverpool midfielder Steve McMahon claims his Singapore-based investment company have launched a bid to buy Newcastle. The Profitable Group, who McMahon represents, are believed to be one of the interested parties who have tabled a bid for the Championship side. Newcastle revealed last week that they had received at least two bids of £100million for the club and leading invest company the Profitable Group are the first potential buyer to publicly announce their interest. McMahon is hopeful of finding out within the next week if their bid is successful with reports suggesting they will appoint Alan Shearer as manager if their takeover goes through. "We've had a bid in and it's under serious consideration," McMahon told Singapore's Straits Times. "It's a strategic move and will be great for Newcastle. We can turn what is a disaster at the moment into a success. "By the end of the week, we'll know if we're successful or not."