Former Manchester United and Chelsea chief executive Peter Kenyon is appealing for investors to back his Newcastle United takeover attempt.
Kenyon, who is leading a consortium trying to buy the club, is understood to still be looking for the £300million he needs to complete the purchase from Mike Ashley.
The Sun reports he is offering investors a minimum buy-in of £1million and is so desperate he is now doing a “whip-round” in America of anyone able to contribute.
Kenyon hopes to complete a takeover of Newcastle “as soon as possible” and he has written to Ashley stating his commitment to conclude a deal in the near future.
Even if he is able to raise the cash he needs to complete the deal, the British businessman would only be able to pay Ashley in instalments staggered over the rest of the year.
When the Sports Direct owner put Newcastle up for sale in October 2017, he claimed the new owner must have the investment necessary to take the club to the “next level”.
The news of a potential takeover came as a huge boost to Newcastle supporters with Ashley a hugely unpopular figure among the loyal Toon fanbase.
Such is their resentment towards him, eight supporters’ groups came together to produce a joint letter pleading with him to conclude any deal swiftly or otherwise invest funds into the squad during this month’s transfer window.
