Profitable Group can’t provide any proof of funds
This doesn’t really come as much of a shock to us Newcastle fans, because we questioned their interest when it all started long ago. The Profitable Group who declared an interest in Newcastle, saying they wanted to expand the stadium to 60,000 , appoint Shearer and give him a nice transfer kitty, have ‘pulled’ out of the race for the club. According to SSN the group couldn’t provide any proof of funds to Mike Ashley and co. and were rejected because of this. What I can’t understand is why it took so long for them to reach this decision. Obviously it’s a publicity stunt for Profitable Group, although that comes as no surprise.
It seems rather likely now that we’re set for Ashley to continue as owner and Hughton as manager until Christmas at least. Maybe things will pick up by then, Newcastle might be doing well and the economic crisis might ease off a little, allowing any potential buyers to move in while the water’s warm. It seems that Ashley’s have great difficulty selling and I think someone buying about 33% of the club from him would be the best option. The buyer could provide for transfers and appoint Shearer and Ashley wouldn’t have much to do otherwise. There’s not much chance of that happening though, this is Newcastle United after all.
Comments welcome 🙂
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