Newcastle bidder intends to keep Shearer

BANGKOK, Thailand (AP) - Investment company Profitable Group intends to keep Alan Shearer as Newcastle manager if it is successful with its bid to buy the club.

However, Profitable Group commercial director Steve McMahon said Monday that the company needs to hear back from Newcastle owner Mike Ashley by the end of the week if the bid is to proceed.

"We would certainly be looking to keep Alan," said McMahon, a former Liverpool and England midfielder. "He would be a major draw for players to the club and for the supporters.

"Shearer is part of the future for Newcastle if we acquire it."

Ashley is fielding offers from several interested buyers. A South African-based group was thought to be interested, while another interested company is from Oman. Former Newcastle chairman Freddy Shepherd has been linked with another consortium.

"We need something to happen very, very quickly, for Newcastle supporters, and for the players," McMahon said. "The season is only two or three weeks away for the Championship to start. We urgently need something to happen, and we're trying to make that happen.

"I would imagine this week is crucial. If we don't hear anything back by the end of the week, it doesn't look hopeful."

Ashley had put an asking price of 100 million pounds ($165 million) on the club, which was relegated from the Premier League. McMahon indicated Profitable Group would be unlikely to meet that bid, but would offer fair value.

"A hundred million is difficult," McMahon said. "We've just offered what we believe is the value of the club.

"He's lost a lot of money on it, but he was there when Newcastle needed him. OK, it hasn't worked out for him as a business, but we don't intend to steal it off him, that's for sure."

McMahon said keeping the bid to a realistic level would enable the new owners to make funds available for transfers, as the club seeks to use its drawing power to build a squad capable of gaining immediate promotion back to the Premier League.

"There'll be money available," McMahon said. "It's difficult. It all depends how much we acquire the club for.

"We've put a certain amount of money aside. If we up the bid for Newcastle, that means there's less money for players," McMahon added. "We're not going to be Manchester City, we want to run it as a business."

Profitable Group is a diversified investment company based in Singapore, with much of its operations based in Asia.