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The Profitable Group will build from the black.

Posted on June 9th, 2009 | 21 Comments |

Ex Liverpool midfielder and Profitable Group represetative, Steve McMahon.
Profitable Group represetative, Steve McMahon.
Many a successful team plays out of their back four. It would seem our potential and apparently popular suitors, The Profitable Group, would instead be building from the ‘black’. Quotes from The Telegraph ‘insider’ as opposed to a ‘spokesperson’, tell us that this group is financially responsible and see it as imperative to consolidate our debts and clean up the balance sheet and presumably ensure we’re self-sufficiently funded, should they gain ownership.

TPG –

“…cite their core values as “responsibility, accountability, credibility and excellence”

“…get the club on a sound financial footing first and foremost. Then we aim to turn the club into a trust.”

“Profitable Group “exists to increase the wealth of its clients, its employees and its owners, through the provision of strategically selected investment opportunities”.”

I mean come on, the company name itself spells it out and implies they’re not in the business of haemorrhaging money. But does that sound much fun? Well Big Mike was here to have fun and look where that got us. Being financially prudent isn’t the most exciting prospect for some but alas given the state of the club’s finances in the past and taking into account the current climate it’s a necessary evil. And they are suggesting that once it’s viable, some of the control and ownership will be passed back to the fans.

They also appear to have, more importantly, a solid ‘football’ agenda –

“…Ensure that a footballing figure will be appointed at boardroom level to ensure the series of high profile errors of Mike Ashley era aren’t repeated”

“…people within the company who have strong Geordie roots that stretch more than 40 years and there are people here who have a love for the club – we think that is vital for Newcastle at the moment.”

They’ve also made it clear that Alan Shearer is the only man for them to sit in the hot seat and that despite being frugal in one respect, he will be given money to spend to improve us.

In fact, everything they have said so far sounds great. Too good in fact. Almost like someone has been reading blogs and forums and said everything that most fans want to hear. It’s like they have the answers for everyone and they’ve ticked all the boxes. Kenny Dalglish was an unmitigated disappointment as manager here but it’s not hard to see that his influence in the boardroom could be useful and I’d personally be prepare to give him a second chance. Steve McMahon is a scouser and a real football person, again his influence at various stages could be crucial.

It remains to be seen whether this story is credible, whether group are intent on buying us themselves, or are brokering for someone else and of course, provided, either way, they kept to their word whether this deal will come off. After all, Santa isn’t due for another few months.

NUFCBlog Author: bowburnmag bowburnmag has written 234 articles on this blog.

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21 Responses

  1. “the club’s board have written the group off as time wasters. When Ashley tried to sell last year, Newcastle experienced similar problems in trying to discover which parties were actually interested in doing a deal and those who were using the club to promote themselves.”

    …No surprise.

  2. Personally, i think this Profit organization saga is a write-off. If they were serious they would stop talking about it and just do it. Ah well, back to the drawing board.

  3. it does not matter if they do not comment because no-one is going to say anything about a takeover until it is done.

  4. I don’t believe a word anyone says.

    I mean first the club say their in talks with nobody and then in the next breath it’s talks with 3 people are on going!

    Although if this Profitable story wasn’t true their Chief Ex would have denied it outright like he did last year.

    No comment is a sure fire way of saying yes we are interested withoiut actually saying it.

  5. Dragonera – it would be crass of me not to point out that this is workey’s work of art. Rodzilla and Stardust and others contributed feedback from what I know to the design and format. Some good articles so far. Well worth a gander back through if you have time. This blog so far is slightly less topical and more anecdotal in general but I think that will appeal to some fans.

  6. Not good news then Stuart because that is exactly what Shepherd said when asked if he was interested.

  7. We are going to end up in administration, I can just see it. Ashley has something to sell that no one really wants at this moment in time. He is unwilling to budge on his price, yet is desperate to get out. Would he be willing to write off the whole thing and put us in the hands of the accountants?
    In other news, does this harm the rugby team at all? I remember at one point that Sir John Hall had this big sporting group thing going on. We had the rugby team, the basket ball team and even a 24h Le Mans car competing. Are they all still linked to the football club?
    At least we won’t lose out on any setanta money being in the championship. Apparently some SPL teams have already spent the money setanta owe to them and it doesn’t look like they will see it. Hmm clubs irresponsibly spending money they don’t have. Sound familiar?

  8. Llambias Has confirmed that the club is in talks with 3/4 consortiums.

    None of these are the Profitable Group but they told the BBC that they hadn’t spoke to the club yet.

  9. Stu – Didn’t the TPG quotes say that they HAD spoken to them and wanted to say more as and when they could?

  10. We know we can’t believe anything anyone says in the press.

    I don’t doubt the Chronicle will have us being bought by some Arab today.

    One national says there are only 2 real interested parties, one from US nad one local. Well there isn’t enough money locally to do it. SJH said that himself.

    I still think we’ll end up in Middle Eastern hands. My money still on Omani Group.

  11. I’m not even trying to keep up anymore, really. Just going to wait and see what happens. It looks like being another tough season, though.