Takeover could turn Newcastle into Barcelona-style trust

The investment group linked to a multi-million pound takeover of Newcastle United has refused to comment on reports of the bid which would turn the Championship (second division) side into a Barcelona-style trust.

"We are aware of the reports but we have no comment at the moment," John Gaunt, Chief Executive Officer, Profitable Group, told Reuters when contacted at his Singapore headquarters today.

The investment group had contacted advisor Seymour Pierce to conduct the sale, Britain's Financial Times reported.

Former Liverpool and England midfielder Steve McMahon is on the board of Profitable, which told the Newcastle Evening Chronicle that it had spoken to Newcastle United owner Mike Ashley and was putting together a plan.

Ashley officially put the recently relegated club up for sale on Monday for £100m.

The Evening Chronicle reported on Tuesday it had seen the company's initial blueprint for a takeover and that a source had outlined some of the groups plans including:

* Turning the club into a trust where fans hav3e a major say

* Increasing St James' Park capacity from 52,000 to 60,000

* Retaining Alan Shearer as manager

Profitable Group is the company behind Liverpool's visit to Southeast Asia next month. The Premier League giants will play games in Bangkok and Singapore during the tour.

According to its website, the Profitable Group "exists to increase the wealth of its clients, its employees and its owners, through the provision of strategically selected investment opportunities".

The group says its aim is "to be internationally recognised as a premier provider of strategic global investment and a responsible and ethical builder of wealth".

McMahon is not the only soccer connection the investment group boasts.

Former Celtic, Liverpool and Scotland striker Kenny Dalglish is listed as UK Operations Advisor while ex-Birmingham City player Paul Masefield is listed as a Sponsorship Manager.

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

The Arab Spring reversed

Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

Academic claims King Arthur was real - and reveals where he lived

Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
Who is Oliver Bonas and how has he captured middle-class hearts?

Who is Oliver Bonas?

It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
Earth has 'lost more than half its trees' since humans first started cutting them down

Axe-wielding Man fells half the world’s trees – leaving us just 422 each

However, the number of trees may be eight times higher than previously thought
60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

60 years of Scalextric

Model cars are now stuffed with as much tech as real ones
Theme parks continue to draw in thrill-seekers despite the risks - so why are we so addicted?

Why are we addicted to theme parks?

Now that Banksy has unveiled his own dystopian version, Christopher Beanland considers the ups and downs of our endless quest for amusement
Tourism in Iran: The country will soon be opening up again after years of isolation

Iran is opening up again to tourists

After years of isolation, Iran is reopening its embassies abroad. Soon, there'll be the chance for the adventurous to holiday there
10 best PS4 games

10 best PS4 games

Can’t wait for the new round of blockbusters due out this autumn? We played through last year’s offering
Transfer window: Ten things we learnt

Ten things we learnt from the transfer window

Record-breaking spending shows FFP restraint no longer applies
Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

‘Can we really just turn away?’

Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

Nine of Syria and Iraq's 10 world heritage sites are in danger...

... and not just because of Isis vandalism
Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

Girl on a Plane

An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
Why Frederick Forsyth's spying days could spell disaster for today's journalists

Why Frederick Forsyth's spying days could spell disaster for today's journalists

The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent