The Profitable Group have made contact with Newcastle United owner Mike Ashley about a takeover.

The Daily Mail says the Singapore-based Profitable Group, who have Steve McMahon and Kenny Dalglish as consultants, made contact for the first time with the Seymour Pierce investment bank commissioned by Ashley to sell Newcastle United.

The contact came only hours after Newcastle managing director Derek Llambias said reports of Profitable's interest were 'total rubbish'.