Angry Ashley looking to sell stake and walk

10:28am Saturday 6th September 2008

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By Scott Wilson »

NEWCASTLE United could be in the hands of new owners by the end of the month as Mike Ashley seeks a St James’ Park exit strategy following a disastrous four days.

While Ashley has been appealing for investors in recent weeks, he has consistently refused to relinquish a majority shareholding in the Magpies.

His intransigence forced the Abu Dhabi United Group to abandon their interest in the club last month, with the billionaire group successfully turning their attentions to Manchester City instead.

But with Newcastle supporters in open revolt following the resignation of Kevin Keegan, a leading city source suggests the sportswear magnate is ready to wash his hands of the club just 15 months after completing his buy-out of former chairman Freddy Shepherd.

Ashley has spent around £250m in that period, and will be looking to recoup every penny he has invested in the Magpies.

An offer of that magnitude is still to appear on the table, but a number of overseas groups have been eyeing Newcastle as potential takeover targets this summer, and Ashley could hold off appointing a new manager as he gauges the possibility of a quick sale.

Reliance Communications, an Indian-based company run by Anil Ambani, the sixthrichest man in the world, are known to have approached Newcastle officials via an intermediary earlier this summer.

Profitable Group, a Sing a p o r e - based consortium whose directors include former Liverpool midfielder Steve McMahon, have also been linked with a takeover in the past, and are currently working to help market the Magpies in the Far East.

Both are likely to be sounded out about a full takeover next week, with Ashley keen to avoid an open confrontation with a Newcastle fanbase that has grown increasingly militant in recent days.

Dubai International Capital could also emerge as viable bidders, despite their ongoing attempts to buy out George Gillett and Tom Hicks’ stake in Liverpool.

DIC have run the rule over a number of Premier League clubs, including Newcastle, in the past, and while they remain committed to their pursuit of Liverpool in public, in private they are understood to be willing to consider an alternative route into English football.

The increased takeover talk comes at the same time as Ashley and Keegan are entrenching their positions ahead of anticipated compensation talks.

Keegan’s legal team are currently poring over the exact terms of his contract, in an attempt to prevent their client paying out the £1m compensation clause that has potentially been triggered by his resignation.

If Ashley chooses to take the matter to court, and the M a g p i e s owner is believed to be furious at the way in which he has been portrayed in recent days, Keegan’s advisors are expected to pursue a claim of constructive dismissal.

Legal discussions overshadowed Newcastle’s pursuit of Keegan’s successor yesterday, with former Tottenham assistant Chris Hughton taking control of the club’s first-team affairs on a temporary basis.

With Dennis Wise insisting that he does not want a return to frontline management, Newcastle officials are drawing up a shortlist of candidates that will be discussed over the weekend.

Tottenham number two Gustavo Poyet is understood to be on that shortlist, although the Uruguayan is extremely reluctant to leave his current role in London.

When Poyet was Wise’s assistant in Leeds, his family remained in Kent, and having been reunited with them on a permanent basis when he moved to White Hart Lane, the former Chelsea midfielder is reluctant to uproot once again.

Both Gianfranco Zola and Gianluca Vialli have been mentioned as possible Newcastle bosses, and the pair have enjoyed close relationships with both Wise and Tony Jimenez in the past.

However, Zola’s lack of managerial experience could count against him, while Vialli has previously expressed a reluctance to return to managing in the Premier League.

Alan Shearer’s name will not be considered, and while David Moyes attracted considerable support on a number of betting exchanges yesterday, it is hard to imagine the Everton manager working in Newcastle’s current backroom set-up given his frustration at his current employers’ transfer dealings this summer.

Real Zaragoza coach Marcelino Garcia Toral would appear to head the list of continental candidates, although a representative of Brazilian legend Zico has claimed that his client has been informally approached by the Magpies.

If Ashley remains as Newcastle’s sole owner this month, Keegan’s successor will be expected to work within the current two-tier executive system.

And after working alongside Keegan this week in an attempt to broker a compromise solution to the ongoing crisis, League Managers’ Association chief executive Richard Bevan has claimed that the current backroom set-up is unworkable.

“Newcastle failed to create a structure where Kevin Keegan could flourish,” said Bevan. “It was like having an orchestra with three conductors and, sooner or later, it was going to break down.

“I would have liked to hear Newcastle talking about how to build a model that works, how they are going to create a clear chain of command.

“The most important thing for Kevin was that the manager must have the right to manage.”

Meanwhile, summer signing Xisco has denied that his arrival was a catalyst for Keegan’s departure from St James’ Park.

Keegan had argued against Xisco’s arrival before the striker completed a £5.6m move from Deportivo La Coruna on transfer-deadline day, but the 22-year-old claims he should not be cast as the fall guy for this week’s events.

“My dream move must not be tarnished by these rumours,”

said Xisco. “When I flew in on Monday, the club presented me to Kevin Keegan.

He talked to me in a bit of detail about his plans for the footballing development of the club.

“That was an important moment for me in my decision to accept this incredible turn of events. I just can’t believe he won’t be there when I get back from international duty.”