Newcastle to hold talks with Shearer

Relegation could cost the club between £30million and £60million.

Managing director Derek Llambias told the club’s official website: “Being relegated from the Premier League is a huge disappointment for everyone involved with Newcastle United.

“We are all hurting and I feel desperately sorry for everyone associated with Newcastle United; for Mike, who has invested heavily in the club, and for all the supporters who have given the team magnificent backing up and down the country all season long.

“Mike and I will sit down with Alan this week to discuss how the club moves forward again, and I hope to be able to say more to our supporters later this week.”