Mahjoob's spokesman said: "The money is there. Mr Mahjoob has a healthy interest in football and is bidding to take over an ailing club with a great worldwide reputation.
"He envisages a clean sweep with Kevin Keegan coming back as manager, this time with his own staff and control of players. Last time Keegan inherited a lot of people he didn't necessarily want and we don't want the same situation again.
"He has nothing against Shearer. He just thinks Keegan retains greater global appeal."