A consortium bidding for Newcastle will give Kevin Keegan a multi-million pound stake in the club if he returns as manager, it was reported today.

Five South Africa businessmen are believed to have offered £280million to owner Mike Ashley, who has also received a bid from a Nigerian consortium of £200m.

Both groups want to reinstall Keegan as manager but The Evening Chronicle has reported that the South Africans will offer the 57-year-old up to 10 per cent in the business if he returns.

Keegan, in his second spell at Newcastle, quit last month following a power struggle with director of football Dennis Wise.

But the former England coach who is on holiday in California, is believed to be open to rejoining the crisis club.

A source close to Keegan said: "Kevin had a great break. He feels refreshed and wants to return.

"He knows what it would mean for the fans and he wants to have a fresh crack at the club he loves. He is now waiting to see what happens."

Newcastle are one from bottom of the Premier League and under the temporary stewardship of Joe Kinnear.