NEWCASTLE United are still waiting for the Profitable Group to prove they have the fund to buy the club from owner Mike Ashley.

It is understood Profitable, along with all the groups interested in buying Newcastle, will have until Tuesday evening to show they have the money needed to go through with any deal.

The Magpies hierarchy initially reacted scornfully to reports of the Singapore-based group’s interest in launching a takeover, but were forced to take them seriously when they made contact with Seymour Pierce, the bank they put in charge of finding a buyer on their behalf. However, suspicion among club officials about their viability remains and Profitable were asked to immediately show they had the necessary financial backing to not only buy the club, but also to run it properly in the Championship.

The Journal understands that evidence has still not been provided as the takeover process continues to eat into manager-in-waiting Alan Shearer’s pre-season planning time.

A United source said: “As far as we know the Profitable Group still haven’t provided proof of funds and we are waiting for that. We are still talking to a number of different groups and the whole thing is ongoing.” There have been

claims that some of the interested parties, including one involving former chairman Freddie Shepherd, have already begun due diligence, but The Journal understands that is not the case.

Although several consortia are continuing to talk to bankers at Seymour Pierce about making a possible bid, nobody has been given permission to look at the books ahead of finalising a takeover.

The due diligence process is due to begin on Wednesday, with Ashley prepared to accept the first offer of £100m which is cleared by Seymour Pierce.