The Newcastle United Supporters Trust (NUST) is mounting a six-week promotional campaign to try to raise the funds to buy out Mike Ashley.
Their plan – for supporters to run the club in the style of Barcelona and many German sides, will be funded by fans pledging money or unlocking part of their pension pot.
NUST chiefs have refused to say exactly how much money they have had pledged, but say the campaign is going well so far.
Spokesman Mark Jensen said: “We’re really very pleased that the club’s supporters have backed the Yes We Can campaign in such massive numbers.
“We are in week three of a six-week campaign and have just passed a very important milestone.
“We have indicated in the past that we’ve been in talks with serious financial organisations and individuals in the city of Newcastle and London, and it is clear that there is a consensus that fans should lead any attempt to reclaim their club.
Reports yesterday suggested Mr Ashley, who took the club off the market, might look again at selling it in January.
