There is much scepticism about whether the Profitable Group really have the finances to buy Newcastle United.
Freddy Shepherd – his group and South African Group in advanced talks
And the Newcastle club have quickly challenged the Singapore-based Profitable Group to provide some immediate proof they have the funds to back up their interest in buying the club. Otherwise this will be a dead end and be nothing but wasted time for the Tyneside club.
Indeed there now seems a decent chance that the consortium fronted by Freddy Shepherd could get the deal done, with Freddy meeting with Keith Harris and the Seymour Pierce bank in London yesterday.
And Freddy is keeping Alan Shearer appraised of the situation, as the two met in Newcastle last Monday, once Alan got back from Portugal after a short 4 day mini-break.
Yesterday, Profitable contacted investment bankers Seymour Pierce to register their interest in making a bid for Newcastle, but will now have to quickly show they have the requisite money to enter into more detailed talks.
There now appear to be four consortia in for Newcastle but the Journal is reporting they understand only two have proved they had sufficient finances to buy the club.
A group led by a very wealthy South African-based banker (that sounds good – if true), and another consortium fronted by former chairman Freddie Shepherd, are understood to be at a significantly more advanced stage than Profitable, and no doubt will be pushing ahead to close the deal – and quickly.
But we were linked with a South African buy-out a few times last year, and it turned out all reports were completely fabricated, so we’ll have to wait and see on that one.
But time is of the essence and some deal must be made as soon as possible – for the good of the club, as many of our players are now being tracked seriously by other clubs.