FORMER chairman Freddy Shepherd is a leading figure in one of the consortia that will begin to trawl through Newcastle United’s books this morning.

Shepherd has signed a confidentiality agreement with Magpies owner Mike Ashley after his newly-formed business group confirmed they have the £100m funding that was a prerequisite for being granted access to Newcastle’s latest set of accounts.

Shepherd’s group is understood to be one of four consortia who will begin a process of due diligence this morning, with organisations from South Africa, Oman and the United States also having been linked with a possible takeover in recent days.

Having provided proof of funding ahead of last night’s deadline, the interested parties will be granted access to an online ‘data room’ this morning that provides a detailed breakdown of Newcastle’s current financial position.

That will enable them to assemble a formal takeover document that will form the basis of further negotiations with Ashley and managing director Derek Llambias.

The due diligence process normally takes two weeks, but with Ashley keen to conclude a deal before the end of the month, it is hoped formal discussions can begin with at least one of the interested parties before the end of next week.

In the meantime, Llambias has been instructed to canvas opinion about the identity of the club’s new manager.

Ashley has refused to appoint a new figurehead while the takeover process is ongoing, feeling it would be counterproductive for a manager to be installed against the wishes of the various groups competing to take control.

However, if all of the groups were to agree to the appointment of one man, Ashley would be willing to name him as manager while due diligence was still ongoing, and that could mean Alan Shearer in place before the weekend.

Shepherd, left, is keen on securing Shearer’s services – the pair met this month after Ashley refused to install Newcastle’s all-time record goalscorer in the wake of last month’s relegation – and Llambias will discuss the former striker’s position with members of the other competing consortia later today.

If they all name Shearer as their number one choice for manager, he will be asked to take over at St James’ and begin to prepare for the start of the new season.

“There could be some movement regarding Alan Shearer at the end of this week or early next week,” said Llambias.

“We will not be making any decision on Alan as manager – that’s not up to us, that is down to the groups who are buying the club.

“If they want to appoint him, then it’s up to them. We will speak to them about it. If they do want Alan then something could be done in the next few days.”

Shearer has grown increasingly frustrated at the delay.

He had begun to make preparations for life in the Championship – sources in West Yorkshire claim he held preliminary discussions with Jermaine Beckford after the Leeds striker was instructed to find a new club – and is concerned that his work might have been in vain.

However, he remains interested in leading Newcastle next season and is expected to accept an offer provided certain conditions are guaranteed.

He accepts a number of players will leave Tyneside, with David Edgar expected to join Michael Owen, Mark Viduka and Claudio Cacapa on the list of players whose contract will not be renewed.

Edgar failed to agree terms in the latter stages of last season, and is poised to join Premier League newcomers Birmingham City at the start of next month.

Blues boss Alex McLeish sold full-back Stephen Kelly to Fulham yesterday and sees Edgar as a versatile recruit.