NEWCASTLE United fans were last night resolute that they did not want their club to be taken over by a 'Malcolm Glazer-style' owner.

Speculation has been mounting that the Tyneside club is on the verge of a takeover bid after former chairman Sir John Hall admitted he had been approached about selling his stake.

The millionaire businessman confirmed an unnamed party had expressed an interest in buying the 28.5 per cent stake held by his Wynyard business.

According to reports, one consortium is being led by a 'cash-rich British entrepreneur', who wants Tyneside legend Kevin Keegan to return to the club in a senior role.

Sir John was instrumental in bringing Keegan back to Newcastle as manager in 1992.

The report said it is believed a Malaysian-based group was also keen on developing existing plans for a casino and leisure complex at St James' Park.

Fans said they did not want a consortium led by an overseas businessman buying the club.

Ian Gilmour, a Newcastle United fan and member of the Football Supporters' Federation, said he did not want someone in the Glazer mould taking over.

He said: "The rumour that I have heard is that the entrepreneur is a local lad.

"However, if it emerges that the new owner is from overseas, like Manchester United and Malcolm Glazer, then I would not be in favour of it.

"I personally don't like (chairman) Freddy Shepherd but I'd rather he increased his stake in the club if it prevented a lazy overseas businessman taking over.

"But I've also heard that if Freddy Shepherd gets the right offer he will also sell."

Gilmour said speculation was also mounting about Keegan's possible return to Newcastle.

He said: "I do not think Kevin Keegan will return to the club on the playing side of things and I do not want him to either.

"I'd still prefer to give Graeme Souness more time as I think he is a good manager.

"Kevin Keegan has the sort of personality that would be suited to an public relations role in promoting the club."

Sir John Hall released a statement to the Stock Exchange following Monday's trading that had seen club shares rise 18 per cent to their highest level for more than four years.

That valued the club at £75.6m, up from £65m on Monday morning.

Sir John, who took control of Newcastle in 1991 and is its life president, revealed the approach in response to press reports that two groups of businessmen were eyeing his stake.

It is likely any takeover deal will need the blessing of Shepherd, who owns 27 per cent of Newcastle and could buy more shares to push him towards the 29.9 cent limit before he would need to make a mandatory offer for the whole club.

The takeover speculation is a distraction for the Magpies, who beat Dubnica 5-1 in the Intertoto Cup on Saturday, ahead of the new Premiership season next month.

It comes just two months after Manchester United was taken private by US sports tycoon Glazer for £790m.

Former Manchester City defender Ray Ranson is also making a second attempt to buy into Aston Villa after a £30m offer from a consortium he was part of was rejected by chairman Doug Ellis 14 months ago.

Mark Jensen, editor of fanzine The Mag, echoed other fans' comments by rejecting a foreign investor.

He said: "If you had someone who had the best interests of the club at heart then that would be the dream result.

"On the other hand, if you had a foreign investor just taking money out of the club then that would be at the other extreme.

"The situation at Manchester United is a little bit different. The club is a global brand but Newcastle United is a local club with a very dedicated following."

Jensen said he hoped that if Newcastle United was taken over it was by someone like the late multi-millionaire steel magnate Sir Jack Walker, who transformed the fortunes of Blackburn Rovers in the 1990s - turning the club from Division One journeymen into Premiership champions.

He added: "I just hope that whoever takes over will be someone from the North-East.

"Someone like Jack Walker - a man who supported the club as a boy - and has returned to put something back into the football club and the local community.

"That would be at the top of my wish list. Obviously, if that was not the case then it would be a worry.''

Jensen said he had always held out hope that Keegan would return to St James' Park for a third time, particularly after he left Manchester City saying he would never manage another football club

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