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New bid for Newcastle

Peter Kenyon, the former Chelsea and Manchester United chief executive, is lining up a bid for Newcastle United. He is working with Wall Street investment firm Rockefeller Capital Management and has held preliminary talks with owner Mike Ashley. He has owned the club for 11 years, but is deeply unpopular with fans who believe that the club has stagnated under his 'stewardship'.

Kenyon will have to raise funds from investors. He is believed to have sounded out a number of private equity firms and wealthy individuals.

As always, the key question is how much Ashley is prepared to sell for. Up to now he has asked for rather unrealistic sums. It has been suggested that Kenyon would be prepared to pay £300m - if he can raise it.

Ashley has recently taken over House of Fraser, but has run into trouble with landlords who are reluctant to accept his lowball offers. Somewhat ironically, he has called them 'greedy'.

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