Rising hopes of a profligate takeover at Newcastle Utd have been quashed after it emerged the Singapore based, takeover consortium Profitable Group, declared they were out of the running for the £100 million Championship club.
Steve McMahon, who headed the consortium, said "We put a bid in two weeks ago and had no communication, no response – nothing."
Interestingly, McMahon blamed current Newcastle owner Mike Ashley for the deal falling through, citing a lack of placatory communication and response from the English millionaire businessman. He stated ‚ÄúWe 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."
Mike Ashley, who reported paid £135 million for the North East club, is under fire from fans who have grown resentful and shown distaste at the owner. While Ashley has tried selling the cub for a while, with the club being on the market since June, he has so far failed even with a reduced market price of £100 million for the 50,000 capacity stadium club.
All hopes aren’t lost however, as earlier this month Derek Llambias, managing director of Newcastle Utd stated there were other parties interested in taking over the former Premier League club. Interestingly, Newcastle’s transfer dealings have been completely put on hold until their future is decided. Obafemi Martins, who has declared his desire to play for Wolfsburg in the Bundesliga, is still contracted to the club and may end up staying in the championship with them.