Shearer Is NOT What New Owners Want!

And with all the uncertainty over owner Mike Ashley's attempts to sell the club for a knockdown £100million, the Shearer camp fear the club is "floating towards oblivion".

"Further bad news for Shearer is that the two serious bidders looking to buy Newcastle would prefer him to work under a more experienced manager.

"Shearer, who is in Portugal on holiday, had agreed to speak with billionaire Ashley about Newcastle's future on Friday.

"The former England striker was hoping for good news about his proposed four-year deal and, more importantly the size of the transfer budget at his disposal.

"But all he got was a brief message from chairman Derek Llambias saying no progress had been made."

THE PEOPLE REPORT:-

A source close to Shearer last night revealed: "Alan is so low at the moment.

"In fact, I've never heard him sound so depressed about Newcastle United and the future.

"Friday was supposed to be D-Day regarding his future at the football club.

"He wanted news on his new contract it's true, but more important to him is the transfer budget.

"He wants the sort of funds that will help him fire the club straight back into the Premier League.

"Yet all he got was a brief message from Derek Llambias saying that no progress had been made.

"As far as Al is concerned, no news is very bad news indeed. He fears the club is floating into oblivion."

People Sport can reveal that with the club in turmoil, both would prefer Shearer to work under an old head for a couple of years.

Shearer is unhappy and frustrated but is still making plans in the hope of being given the go-ahead.

He knows what players he needs to drag his beloved Newcastle out of the Championship and has been talking to agents.

But with want-away Ashley dragging his feet, the reign of one of the club's biggest heroes could be nearing the end.