NEWCASTLE United officials attempted to sell the club to the Arab billionaire who is in the process of buying Portsmouth.
Tycoon Dr Sulaiman Al Fahim has agreed a £150m deal to take over at Pompey and expressed interest in a buy-out at the Magpies last September, but was put off by the then £400m price tag.
But a representative of the Middle East-based businessman said there had recently been a new approach by Newcastle, which had been rejected.
The source close to Dr Al Fahim said: “The news of a substantially reduced price has got people talking again, but there’s no substance to it.
“Portsmouth are in the Premier League and Newcastle are in the Football League.
Anything else is people putting two and two together and coming up with five.”
The leading candidates to buy the club from Mike Ashley are ready to conduct due diligence and make a firm bid.
A South African-led consortium is among the most advanced potential bidders, while sources at the club suggest there is another party close to making a move.
Keith Harris, chairman of investment bankers Seymour Pierce is handling the sale on Ashley’s behalf and has been in touch with four prospective purchasers, including the Singapore- based Profitable Group.
Alan Shearer was at Matfen Hall, Northumberland, yesterday for the Princes’ Trust annual charity golf tournament.
While he refused to make any comment regarding his long-term involvement at the club, it is understood the current regime won’t be appointing anyone while Harris seeks a buyer.
Shearer remains the overwhelming favourite for the job and former team-mates Rob Lee and John Beresford yesterday reiterated their belief he is the only man to take over at Newcastle. However, the Magpies squad are due back for pre-season training on July 1 and unless Ashley can find a buyer before the end of this month he will be forced to appoint someone to handle team affairs.
With the club still keen to reduce a potentially unsustainable wage bill, speculation continues to mount over the futures of many Newcastle players.
But Damien Duff’s advisor, Pat Devlin, played down a link with promoted Burnley, insisting the former Blackburn Rovers and Chelsea winger is determined to remain at St James’ Park.
“He’s still under contract at Newcastle and that would be his first port of call,” said Devlin.
“I think someone’s winding up the Burnley fans because he’s a Blackburn fella.”
Striker Obafemi Martins, one of the club’s most saleable assets, has added his name to the list of players who are keen to stay on Tyneside.
“I hope I am not sold but if the club decide to sell me, I have no choice but to go,’’ he said.
“My aim is to stay and help get Newcastle promoted next season.
“I love living in Newcastle, and there are few better places to live and play.
“I know the club is for sale and that is hard for the fans.
Yet I hear there could be some light at the end of the tunnel eventually.”
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