Asian interest fuels Magpies hopes for quick sale

6 July 2009 18:30

Two Asian groups are among those interested in buying English football club Newcastle with owner Mike Ashley having received offers of 100 million pounds (162,000 dollars) for the club.

NEWCASTLE (AFP) - Two Asian groups are among those interested in buying English football club Newcastle with owner Mike Ashley having received offers of 100 million pounds (162,000 dollars) for the club.

Managing director Derek Llambias confirmed on Monday that several bids at the sportswear magnate's asking price have been tabled fuelling hopes of a quick sale.

"There have been more than two bids at 100 million pounds," he said.

"At the moment, we are in the hands of lawyers and it is all ongoing.

"We are giving interested parties all the help that they need."

The identities of the bidders remain a secret with all having signed non-disclosure agreements before being granted access to the club's books.

Llambias is understood to have shown a Malaysian consortium around St James' Park and the club's training ground last week, while the Singapore-based Profitable Group and former chairman Freddy Shepherd are known to have held discussions with Seymour Pierce, the investment bank handling the sale.

However, amid suggestions that there have been offers at lower prices - the Malaysians were said to have bid 80 million pounds, but agreed to take on an overdraft of up to 40 million pounds - Llambias is adamant that 100 million pounds remains the figure prospective buyers need to meet.

The Magpies were put up for sale days after Ashley and Llambias held talks with Alan Shearer over the manager's job, and that vacancy is still to be filled with the new Championship season starting on August 8.