A South African group are being linked with a takeover of Newcastle United.

The News of the World says Mike Ashley's reign at Newcastle could be over within five weeks after a South African consortium emerged as favourites for a Tyneside takeover.

The group would pay £350million to oust Ashley.

The British-based South Africans are confident they are in pole position with their track record of reviving ailing global brands.

A spokesman said: "We are serious about Newcastle, we believe they are an iconic institution who deserve to be run professionally."

The five-man South African consortium has drawn up legal papers and has contacted brokers Seymour Pierce - the firm Ashley has put in charge of selling the Tyneside club.