Newcastle owner Mike Ashley was today awaiting developments as the race to take the club off his hands gathered pace.

The Magpies supremo has let it be known he will accept the first viable bid which matches his Ł100million asking price to bring an end to his miserable reign at St James' Park.

Sources close to the Singapore-based strategic global investment company the Profitable Group, which boasts former Liverpool and England midfielder Steve McMahon among its workforce, have confirmed its interest in Newcastle.

They are understood to be one or four or five potential buyers to have registered an interest with Keith Harris, chairman of investment bank Seymour Pierce, who has once again been engaged to offload the club.

The Profitable Group has indicated it would seek to employ Alan Shearer as manager and back him with hard cash as he attempts to drag the club back out of the Coca-Cola Championship at the first attempt.

However, fans have been given hope before - South African and Nigerian consortia were vociferous last autumn after Ashley initially put the club up for sale, but never came anywhere near to getting their hands on it.

But this time around, the sportswear magnate is determined to sell and cut his losses after presiding over a spectacular demise which has cost Newcastle their Barclays Premier League status.

The fightback cannot start in earnest until the club's ownership is resolved, the managerial situation is addressed and the squad is re-shaped for a very different challenge.

Former defender John Anderson believes that point cannot be reached quickly enough.

He said: "It needs to be sorted very, very quickly. It's a mess.

"They need an owner, they need a manager, they need to get pre-season sorted out.

"The first team is back for pre-season on July 1 and then it's only a few weeks to the start of the season. It needs sorting very, very quickly.

"People have said they will fly back out of the Championship, but other big clubs have gone down and not got out of it.

"It's a worry."

It is understood that several of the interested parties have indicated they want to make their own managerial appointment, leaving Shearer in limbo.

With season ticket renewal packs due to go out this week, that could have a major effect on the take-up with many fans having already indicated they have no intention of committing themselves with the club deep in turmoil.