Takeover talks still going on
Jul 29 2009 by Luke Edwards, The Journal
One group who definitely will not be seizing power at St James’s Park is the Singapore-based Profitable. The investment group publicly announced it was pulling out of talks yesterday, which sparked indignation from the club.
United’s managing director Derek Llambias has always doubted Profitable’s intentions and has previously accused them of using the sale of Newcastle only as a means to promote themselves.
That criticism has been ramped up another level following an announcement by the former Liverpool midfielder Steve McMahon, Profitable’s commercial director, that they have pulled out of negotiations because of a lack of communication from Newcastle.
A senior United source said: “It is absolutely disgraceful what they have done. How can you pull out of a race you didn’t even enter?
“Yes, there has been some contact between Profitable and Seymour Pierce, but that was it. They talked about a figure they were prepared to bid and were told to go away and prove they had the funds to finance that bid.
“The figures they were talking about were low, but if they had done that, they would have been involved in the next stage of the process, which was access to the data room so they could look at the books.
“They failed to provide that proof of funds despite having plenty of opportunities to do so. Hopefully this will be the last we hear of them.”
Meanwhile, German champions Wolfsburg have confirmed their interest in United striker Obafemi Martins.
Coach Armin Veh said: “The player is on our shortlist. We have Edin Dzeko and Grafite, two rather tall front men playing centre-forward. That is why we are looking for a striker that could play a bit more on or from the wing.
“I expect us to be on the way to clinching a signing, perhaps it will be next week when we will be able to come up with an announcement.”
Martins has already indicated he wants to sign for the Bundesliga club, despite claiming earlier this summer that he wanted to remain on Tyneside.
