Tyneside business hero Alan Beenshill is looming as the man to save Newcastle United.

The People says Beenshill wants to become Toon's new chairman and claims Alan Shearer is willing to work with him.

It would leave Mike Ashley still in control of the club but no longer a hated figure among Toon fans, who are desperate for Shearer to return to St James' Park as manager.

Beenshill is chief executive of the Collingwood Insurance Company, which is now based in Gibraltar, although he flies back to England for Newcastle's games.

Collingwood are the third-biggest backers of United, spending at least £1million a year over the past decade. It is believed that Shearer is aware talks have started and has indicated he would be willing to work as manager with the would-be chairman.

Our source said: "We are talking about a devoted supporter who is ready to invest in the club and is keen on a hands-on role.

"If Mike Ashley is adamant he wants £350m for the whole club he won't get it from this man, but he will see a return on some of his investment and retain a major stake.

"The new chairman would want to see Mike back at St James' Park for games.

"The sight of Mike Ashley in the directors' box would have been unthinkable a few weeks ago, but this offers him a route back."