The trust hopes to purchase Newcastle from owner Mike Ashley (left)

Newcastle United Supporters' Trust have formally launched plans to raise funds to buy the club from owner Mike Ashley.

The 'Yes We Can' campaign hopes to draw on support from fans, business and financial institutions with a view to taking ownership of the club.

"The idea is based on fans investing in the club," said spokesman Mark Jensen.

"Supporters will be asked to pledge 10% of their investment into this account and guaranteed that the money will be returned if the bid fails."

Barcelona's system of membership-owning 'socis' is the inspiration behind the bid, which the trust believes is a viable alternative to the current regime, or any other potential investors.

"It is clear that we have no knight in shining armour to end the charade at St James' Park," added Jensen. "So we must look at how we can do this ourselves.

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"The club is a fantastic investment if run properly. We aim to attract the type of investors who will seek to bring back the values of integrity and honesty.

"We've been in discussions with serious people in the city and beyond and they have thrown down the gauntlet to supporters to lead the charge.

"We've been obsessed by protest but this is the ultimate protest."

Ashley, who currently owns Newcastle United, recently took the club off the market after a string of potential investors withdrew their bids.

Supporters remain unhappy with the current ownership at St James' Park, to which Ashley last week added the prefix of his sports retail company to in order to showcase interest in the naming rights of their ground.

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