Originally Posted by BBC Sport

Shepherd in £60m Newcastle offer


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Former Newcastle chairman Freddy Shepherd is heading a consortium that is set to launch a £60m takeover bid for the Magpies, BBC Sport understands.

Alan Shearer has been lined up to carry on as manager at the club, who were relegated to the Championship in May.

Owner Mike Ashley was asking for £100m but BBC Sport understands Shepherd's offer is likely to be accepted.

Shepherd sold his Newcastle shares to current owner Mike Ashley two years ago as part of a £134m deal for the club.

Ashley's total investment in the club is estimated at £244m, which includes paying off debts and buying new players.

When Ashley first put the club up for sale last September, he hoped to get around £300m.