Keegan backers cash in

The appointment of Kevin Keegan as Newcastle manager on Wednesday afternoon brought to a close a frenzied week of betting on the position.

By the time Betfair, the betting exchange, called time and suspended their market, £6.2 million had been traded on their platform, with £462,163 being matched on Keegan at all rates down from a maximum of 100 (99-1).

Keegan, who was linked to the role but initially only in partnership with Alan Shearer, was one of six to head the market at various stages, with Harry Redknapp trading as short as 1.18 before declining the St James’ Park club’s overtures.

A staggering £4.6 million was matched on Redknapp alone.

Others to head the market were Shearer himself (traded as low as 2.46), Gerard Houllier (2.26), Mark Hughes (2.62) and Didier Deschamps (2.52).

Keegan took Newcastle to promotion back to the top flight in 1993 and came close to winning the league title in the 1995-96 season when they famously led Manchester United by 12 points before finishing as runners up.