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2009-08-12T05:32:00.000-07:00

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O'LEARY AS NEWCASTLE UNITED MANAGER?

2009-08-11T02:11:00.000-07:00

News from The Times:
NEWCASTLE - Newcastle United new manager could be David O'Leary by this end of the week unless there is higher bidders offer definitive proof to Mike Ashley that they have money to purchase the Coca-Cola Championship club.

Ashley, the Newcastle owner, is insisting that all potential bidders for the club, including Barry Moat, the North East businessman, place a refundable deposit of about £25 million with his lawyers by Friday to stay in the race that, with the new season under way, has reached a pivotal moment.

If bidders cannot comply with Ashley's terms, they will keep the relegated club for at least another year in the hope of securing promotion to the Barclays Premier League.

With the transfer window closing at the end of this month, any prospective owner - Ashley included - has a limited opportunity to refashion Newcastle's squad. The club are yet to buy a single new player this summer.
Although Derek Llambias, the Newcastle managing director, denied suggestions on Sunday that approaches have been made to O'Leary, the former Leeds United plus Aston Villa manager, Ashley intends to appoint the Irishman immediately if the club are not sold.
Ashley's first choice for the post was Joe Kinnear, but the club's former manager - who underwent triple heart-bypass surgery this year - is still not fit to take the job.
While Ashley described his appointment of Alan Shearer as manager for the final six games of last season as the “best decision” of his spell on Tyneside, the sportswear retailer's opinion has now shifted.

Ashley is understood to favour O'Leary - who has not had a job since leaving Villa Park one years ago - because they does not believe that Shearer is equipped to lift the club out of English football's second tier.

That analysis won't meet with agreement from most Newcastle supporters. Shearer, the club's record goalscorer, is a substantive figure on Gallowgate who, for all his inexperience in the dugout, is admired by the playing staff. Shearer confirmed at the weekend that they remains eager to lead his home-town club, a scenario which would be realised if Moat succeeds in displacing Ashley. After working as a pundit for the BBC's coverage of Newcastle's 1-1 draw away to West Bromwich Albion on Saturday, the former England captain has returned to Portugal to continue a family holiday.

Ashley is concerned that in spite of assurances from Seymour Pierce, the investment bank charged with handling the sale, Moat plus other potential bidders for the club do not have the money to to buy it.

Moat, who's understood to have American backing, was last week identified as the preferred bidder of Keith Harris, Seymour Pierce's executive chairman, plus negotiations between the parties are continuing, although a price for the club has not been agreed.

Ashley has been demanding £100 million for Newcastle, in which they has invested over £250 million of his own money, but that figure won't be reached. Ashley is asking bidders to deposit the money with his lawyers as a sign of their nice faith plus to prove that they have the resources to complete a deal. While all substantive bidders were required to show proof of funds to Seymour Pierce before undertaking due diligence, depositing money would demonstrate their intent. Ashley did something similar before purchasing Newcastle in 2007 plus would return the money if negotiations collapse.

Jonás Gutiérrez is the latest player to state his desire to leave Newcastle, with Olympiacos expressing an interest in the Argentina international. “I want to leave Newcastle plus go to a club which will give me the chance to fight for a place in my national team,” they said.

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2009-08-09T00:11:00.000-07:00

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