Steve McMahon has confirmed the Profitable Group are in takeover talks for Newcastle United.

Now The Profitable Group's commercial director, McMahon, the former Liverpool and England midfielder, says its first act would be to appoint Alan Shearer as manager.

Even so, sources have suggested Profitable is not a major contender to buy out Mike Ashley, and question why McMahon would breach the non-disclosure agreements which were supposed to bind all would-be purchasers to secrecy, says the Guardian.

"We've had a bid in and it's under serious consideration," McMahon told Singapore's Straits Times. "It's a strategic move and will be great for Newcastle. We can turn what is a disaster at the moment into a success."