FREDDY Shepherd last night warned any potential investors to forget about launching a takeover bid for Newcastle United.

With Manchester City expected to become the next Premiership club to fall into foreign hands later this summer, speculation over Newcastle's financial future is continuing to mount.

US hedge fund Polygon and Jersey-based investment group Belgravia have already opened formal takeover talks with the club, only to pull out of discussions before a formal bid was tabled.

A number of other finanical institutions are believed to be eyeing Newcastle's position closely, and the club's share price has risen to a five-month high of 79.5p in anticipation of a potential future offer.

But having recently appointed his fifth new manager since taking over from Sir John Hall in the late 1990s, Shepherd has insisted he has no intention of relinquishing his position at the head of Newcastle's board.

The Magpies chairman currently holds a 29 per cent stake in the club and, with former chairman Sir John Hall controlling a 28.8 per cent stake, and his son, Douglas, holding a further 13 per cent, Shepherd has told any prospective investors that an attempt to launch a buy-out would be futile.

"It's a plc matter so I can't say too much," said the Newcastle chief, who will meet with new manager Sam Allardyce later this week to discuss summer spending plans. "But none of the talks have come to anything for one simple reason - I'm not selling.

"It's an impossible club to buy. If the Halls don't sell and I don't sell, there's no way anybody can buy this club.

"The both of us need to agree to sell the club, otherwise nobody will ever get the 75 per cent that they need to buy it."

Earlier this year, Shepherd challenged Sir John Hall to decide what he wanted his role in the club to be.

Claiming that the continuing uncertainty was hampering his attempts to plan for the future, he urged his St James' Park predecessor to "stick or sell".

Hall has refused to reply to Shepherd's comments publicly but, behind the scenes, moves are believed to be afoot that could eventually to lead to the latter purchasing the Halls' combined shareholding and assuming more than 70 per cent of the club's stock.

"I can't comment on possibly buying the Halls' stake," was all that Shepherd would say yesterday, but discussions are expected to continue throughout the summer.

In the meantime, the Newcastle chairman is determined to support Allardyce's plans as he attempts to overhaul a squad that failed to finish in the top half of the Premiership this season.

The former Bolton boss is hoping to sign "four or five" players this summer, and one of his major priorities will be to ensure that Newcastle are a far stronger side on their travels next term.

The Magpies lost 12 Premiership away games this season - three more than an Allardyce-led Bolton - and their brittleness on the road has proved costly for a number of years.

Allardyce is hoping to oversee a significant improvement next season and, while he is aware of the need to entertain the Newcastle faithful, he insists that the priority must be to regain the habit of grinding out results.

"If we can be undefeated at St James' then that will be a great start," he said. "But I think we will have to be a different team away from home.

"We're here to entertain but, away from home, we have to travel with the attitude that we're going to win.

"If that means spoiling the opposition then so be it - winning will be all that counts.

"Winning and entertaining at the same time is great but, first and foremost, we have to win. I have to look at the players and assess which way we will set them up and find a combination that will suit them."