American Geoff Sheard remains in takeover negotiations with Newcastle United.

The Daily Mail says Sheard, whose American charity fund-financed bid for Newcastle has been ridiculed by the opposition, is still in talks with owner Mike Ashley's lawyers through Manchester legal firm Halliwells.

Sheard, who led a consortium that failed to buy Sheffield Wednesday, is adamant that Halliwells now have proof the New York-based investment group have the necessary money to buy the club.