KUALA LUMPUR, Malaysia: Billionaire T. Ananda Krishnan has been identified by British newspapers as the man fronting a RM500 million bid for English Championship side Newcastle United.

Ananda is leading a Malaysian consortium of investors in talks to take over Newcastle owner Mike Ashley's stake in the club which was recently relegated from the English Premier League.

The Newcastle Shields Gazette newspaper reported yesterday that Ananda is favourite to take control after nearly meeting Ashley's drastically- reduced asking price of 100 million Pounds (S$236.9 million).

Although other consortia remain in the running to buy the relegated Magpies, including one fronted by former chairman Freddy Shepherd, the Malaysian tycoon is close to finalising a deal and an announcement could be made as early as next week.

The Gazette said Ananda is believed to be in favour of Alan Shearer being named as the Magpies' manager.

Shearer was in charge of Newcastle's final eight games of last season's Premier League but was unable to prevent the club's relegation to the Championship (second division).

On Thursday, a group of prominent Malaysian businessmen believed to be acting on Ananda's behalf was given a tour of St James' Park and the club's training facilities by Newcastle's managing director Derek Llambias.

The Malaysian consortium is said to have tabled a 95 million Pound bid for the troubled club.

A takeover will be effectively completed when a prospective buyer signs a sales and purchase agreement, and he can then get on with the business of appointing a manager and starting to reshape the playing squad.

If successful, Ananda will become the first Malaysian to own an English football club. -NST