McMahon is the Profitable Group's commercial director

The Singapore-based Profitable Group, which is fronted by former England midfielder Steve McMahon, has pulled out of a deal to buy Newcastle United.

McMahon told the Evening Chronicle: "We put a bid in two weeks ago and had no communication, no response - nothing."

The BBC understands several parties remain interested in the club, but no timetable for the sale has been set.

Meanwhile, reports that owner Mike Ashley is considering putting the club into administration are untrue.

McMahon hit out at Ashley after ending their interest because of a lack of "communication and response" from United.

He said: "We have pulled out. How long can you keep hanging on?

606: DEBATE While many Newcastle fans want him [Ashley] out, should they just bite the bullet get him to stay for next season? adampsb

"It really is poor form from Newcastle, but if that's the way they want to run their business, good luck to them."

The news is another blow to Ashley's attempts to sell the club, which has been on the market since June, following their relegation from the Premier League.

Earlier this month, managing director Derek Llambias confirmed there were at least three bids on the table, and a group of Malaysian businessmen interested in buying the club have visited Tyneside twice.

However, it appears unlikely that any takeover deal will be concluded before the start of the new Championship season in 11 days time.

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