Date: 20th July 2009 at 9:48pm
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With the takeover dragging on, it seems that Steve McMahon and the Profitable Group have issued a statement of intent and left Mike Ashley with a one-week ultimatum over whether to accept the bid. The former Liverpool man said:

‘It’s got to be in the near future, I would imagine this week would be crucial. If we don’t hear anything by the end of the week, it doesn’t look hopeful.

It needs something to happen very, very quickly for the Newcastle supporters, for the players and we’re trying to make that happen. We’re not looking to steal the club off Mike Ashley – we’ve offered what we believe is the value of the club.

We believe the expertise we have in marketing and the football side of it, we can make this work.

There will be money available, it depends how much we acquire the club for. We need to get the club first but we would certainly be looking to keep Alan, he would be a major draw for players to the club and for the supporters. We understand the situation and Shearer is part of the future for Newcastle – if we acquire it.’