Steve McMahon's Profitable Group admits time is running out on its proposed takeover of Newcastle United.

However, the Singapore-based group, which is among a number of bidders attempting to buy the Magpies, remains hopeful a deal could be concluded soon.

Commercial director McMahon, a former Liverpool midfielder, said: "It's got to be in the near future, I would imagine this week would be crucial.

"If we don't hear anything by the end of the week, it doesn't look hopeful."

United are for sale for £100m after owner Mike Ashley put the club on the market following their relegation from the Premier League.

Former England international McMahon says his group have made a "very serious and genuine offer" for the Magpies and that a swift conclusion is vital.