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New York group planning Newcastle takeover bid

A New York-based group is planning a takeover bid for Newcastle United.

The Sunday Mirror reported at the weekend that despite Mike Ashley’s decision to take the club off the market after failing to find a buyer willing to pay £250million, an offer from across the Atlantic will be tabled once the Magpies’ league status is decided in May.

The new bid, from a New York-based consortium (who are being advised by a senior figure in English football) would be in the region of £180million. But if Newcastle are relegated this figure would drop to around the £134million Ashley paid for the club in 2007.

“The Americans are still seriously interested but like other consortia were not willing to bid until they knew what division Newcastle will be playing in next season,” said an American source.

“They believe Newcastle was taken off the market and Joe Kinnear appointed until the end of the season to encourage some stability. But whether the club is officially on the market or not is immaterial - in this depressed economic climate money talks.

“Ashley’s price was way too high in September and became increasingly unrealistic as the financial crisis heightened. But the Americans believe they can still do business, albeit at a price tag south of £200million.

“And that would drop significantly if Newcastle were relegated. The Americans see a buyers’ market as the year progresses.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .