Kenyon group emerges as front-runner to take control of Newcastle

A consortium fronted by former Chelsea and Manchester United chief executive Peter Kenyon is in pole position to launch a successful takeover of Newcastle United.

Kenyon has been speaking to investors in the United States for several weeks and, although he is yet to provide conclusive proof of funds, is believed to have impressed Newcastle owner Mike Ashley enough to begin due diligence.

A price has been broadly agreed and the investors are thought to be on the verge of making a firm bid.

A series of meetings on both sides of the Atlantic over the course of the next few days will determine whether a formal offer is submitted and, if the terms are agreeable to Ashley, Kenyon is expected to be installed as chief executive.

Several sources have told The Daily Telegraph that the group has already been given “access to the data room” which contains a detailed breakdown of the club’s finances and projected incomes. This is seen as a crucial step forward and has not been granted before.

Ashley is keen to sell the club he has owned since 2007 this month in order to give the buyers scope to invest in players during the January transfer window.

Whether that can be done remains to be seen and those close to the deal have suggested this is an ambitious target given Kenyon’s is not the only group to whom Ashley is speaking. An unnamed billionaire has also verbally agreed a price with Ashley of about £300million and is willing to pay the amount in one lump sum. There have also been claims that a Turkish consortium has shown a firm interest.

“I am hopeful – for the Newcastle fans, for the club, for everybody – that I will be able to step aside and we will be able to get an owner in that will please everybody,” Ashley said. “I’d like it to be before January … the talks are at a more progressed stage than they have ever been.”