STEVE McMAHON has warned Newcastle owner Mike Ashley he is running out of time to accept a bid for the club from his Singapore-based company.

The former Liverpool midfielder is commercial director of Profitable Group who are currently masterminding Liverpool’s tour of the Far East.

“I can’t disclose what our offer is but we are trying our best to make this happen,” McMahon said.

“With the new season only two or three weeks away we need something to happen very quickly for the sake of the players and supporters.

“This week is crucial and if we don’t hear anything back by the end of the week then it doesn’t look hopeful.

“We’ve done our best. We have done our homework, had due diligence done and funds are in place.

“If we are successful with the bid there will be monies available for transfers.

“How much depends how much we acquire the club for. We have put a certain amount of money aside and if we have to up the bid that means less money for players.

“It’s not going to be a Manchester City and it will be run as a business.”

Speaking in Bangkok yesterday, McMahon insisted Profitable Group have made a “serious” offer to buy the ailing North East outfit.

However, it is believed they have failed to meet Ashley’s £100million valuation.