Freddy Shepherd back in for Newcastle

Freddy Shepherd is heading a consortium that is poised to bid £60million for Newcastle United.

The club's former chairman Shepherd is hoping to strike a deal with owner Mike Ashley - and is then expected to install Alan Shearer as permanent manager.

Shepherd sold his shares in the club to Ashley two years ago and has been critical of the current regime during United's decline that culminated in last month's relegation to the Championship.

Ashley has put a £100m price-tag on the club but there have been no firm offers and Shepherd and his consortium are optimistic they can negotiate the price the down.

Newcastle have been without a manager since Shearer's short-term deal ran out in May.