A billionaire businesswoman fronting the takeover of Newcastle United reportedly plans to bring Alan Shearer back to the club and sign Cristiano Ronaldo.

Canadian Evangeline Shen, who heads up the Bellagraph Nova Group alongside Singaporean cousins Terence and Nelson Loh, is hoping to buy the Magpies.

Reports emerged over the weekend that the group have tabled an initial £280million bid to owner Mike Ashley, who is still keen on selling the club.

A £300m takeover bid involving PCP Capital Partners, the Reuben Brothers and the Saudi Public Investment Fund's group, fell through earlier this month after weeks of waiting.

But Ashley is still intent on selling after 14 years at the helm, with fans becoming increasingly impatient at his running of their club.

Ms Shen is now driving a project to buy the Magpies and the group are already believed to have made contact with Ashley's legal team.

They have sought out former Newcastle striker Michael Chopra for advice, while Toon legend Shearer is also being linked with a sensational return to St James’ Park in some capacity.

Other reports claim that the group have earmarked the signing of Cristiano Ronaldo should their takeover of the club be successful.

While little is known of Shen in the UK, she has been making waves in the USA and worldwide recently and mixes in high social circles.

Ms Shen and the Loh cousins boast of £9billion revenues and have promised to “massively contribute to the development of the club”.

She is a graduate of Fudan University in China and began her career at Jinmao LLP, one of Asia's leading law firms where she was one of the youngest executives at 25.

And she later worked in investment banking with UBS and Morgan Stanley before launching her own business projects Bellagraph Jewelry and Novena Bellagraph Medical Group.

In December, Ms Shen and the Loh's met with the former president of the United States, Barack Obama in a closed door discussion to share their views on how 'technology will bring about the next industrial revolution'.

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The pair got on so well that she was reported to have handed Obama a a £27,000 bracelet to give to his wife Michelle.

Newcastle fans will no doubt remain sceptical that the club will be sold until the day that Ashley finally hands over the keys to new owners.

But, so soon after the failed efforts from the Saudi-led group, it does seem that there will be new people in charge of the Magpies in the near future, one way or another.