Krishnan denies Toon takeover talk

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Newcastle

Talk of the toon: Newcastle fans - and Mike Ashley alike - will be encouraged by the news the sale of the Championship club is coming to a conclusion.

The sale of Newcastle moved a step closer last night after a group of Asian businessmen were shown around the club. It is understood that the potential buyers, thought to be from Malaysia, were given a tour of the club's facilities yesterday and have since returned to London to continue discussions.

The identity of the group remains unknown, as do those of most of the consortia who have expressed a serious interest in buying the club, prompting a growing feeling that an end to a saga which has rumbled on for more than a month could be in sight.

Current owner Mike Ashley and the people closest to the ongoing negotiations were optimistic on Wednesday significant progress could be made within 48 hours, and while there is still much ground to be covered, it appears things are now moving more rapidly.

Indeed, there is a feeling a deal could be struck within days and the decisive move could be made next week. A takeover would be effectively complete when the prospective buyer signed a sales purchase agreement, and they could then get on with the business of appointing a manager and starting to re-shape the playing squad.

Ashley put the club up for sale for the second time just days after the Magpies' relegation to the Coca-Cola Championship was confirmed on May 24.

At least four consortia have entered into detailed discussions, with an American-based group among the most advanced, while former chairman Freddy Shepherd has also been heavily involved.

However, Seymour Pierce, the investment bank engaged to handle the sale, have not put any deadline on bids being made and there has always been the possibility that someone could emerge from the pack to win the race.

Ashley has put a £100million price tag on the club and has insisted he will sell to the first consortium to come up with the cash.

A successful conclusion to the current talks would come as a welcome relief for the sportswear magnate, who handed over £134.4million to seal his takeover and has ploughed in around £110million since, although to disastrous effect.

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MEDIA MOGUL ... Ananda Krishnan

Media mogul Ananda Krishnan is closing in on a deal to end Mike Ashley's nightmare two-year Toon reign - and hopes to make an announcement early next week.

The £95million deal for the club represents loose change to the 71-year-old, who is South East Asia's third-richest man worth £4.5billion.

Other consortia remain in the running to buy the crisis club.

But after making the first significant move in the drawn-out sale, Krishnan is the favourite to take control after meeting Ashley's drastically-reduced asking price - almost £40m less than the sportswear tycoon paid in 2007.

The owner-in-waiting is believed to favour Alan Shearer to be the club's manager.

Like Ashley, Krishnan has kept a low profile as he has built up a powerful business portfolio which includes major interests in oil, entertainment, telecoms and shipping.

Over the years, he has donated millions of pounds to charities and a source said: "Mr Krishnan shuns public exposure and likes to keep a low profile for someone of his stature."

Figures have yet to be confirmed but a significant kitty would be made available for Shearer to use in the transfer market.

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Malaysian businessman Ananda Krishnan has denied reports he is interested in purchasing relegated Newcastle United.

A number of parties are believed to have shown an interest in buying the recently-relegated club while an unknown Malaysian consortium is believed to have toured St James' Park.

However, Krishnan has released a statement through Usaha Tegas Sdn Bhd, a company owned by the billionaire, distancing himself from a move for the Magpies.

"News reports were carried on July 5 and July 6 in various newspapers in Malaysia and Singapore that Mr Ananda Krishnan or companies owned by Mr Krishnan had expressed an interest in purchasing Newcastle United Football Club (and) that his representatives had been engaged in talks to explore or even conclude such a deal," said the statement in Malaysian newspaper The New Strait Times.

"There is in fact no truth or foundation to this story.

"Mr Krishnan has not expressed an interest in purchasing Newcastle United Football Club, has not sent any delegation to Newcastle to engage in such talks or authorised any representatives to negotiate on his behalf and is not considering any such purchase."

Little is known about the parties that are believed to have shown an interest, although Newcastle managing director Derek Llambias said on Monday "more than two" had met owner Mike Ashley's asking price of £100million.

Aside from the Malaysian group, Singapore-based Profitable Group, an American consortium and former chairman Freddy Shepherd are thought to be among those who have also entered into discussions.

teamtalk.