Scottish Mag 3 Posted June 9, 2007 Share Posted June 9, 2007 Toon tycoon Mike Ashley is believed to be on the verge of announcing he has complete control of Newcastle United. More than 17 million Toon shares were traded on the Stock Exchange yesterday, with the vast majority being sold to Mr Ashley. An announcement is expected early next week to say he has more than 75% ownership of St James' Park, a position that puts him in total control of the club. With the extra 17 million shares, he would now own around 83% of the club and is fast bearing down on the 90% mark which will allow him to automatically snap up the extra 10%. He is then expected to de-list the club from the Stock Exchange and make the club a private company once again. It is believed city institutions cashed in on their shares to Mr Ashley in a frenetic day of trading yesterday. A source close to the deal said: "He has been really busy. He has people working non-stop snapping up the shares. "The announcement that he has 75% is not far away now. "And then he will press ahead with his plans to de-list the club. "The deal is really picking up pace now. It is another important step in his plans for Newcastle United. "Within two weeks he has managed to buy the entire club." The billionaire has also made it clear that funds will be made available for new manager Sam Allardyce to strengthen his squad. He now owns 70% of the club and has sent out an offer document to the remaining shareholders offering 101p for their stakes. In his letter to those shareholders he says he "has funds to make available for investment in Newcastle United". But he adds that before finalising the amount to invest he "will want to undertake a thorough strategic review of Newcastle United, including its existing infrastructure, contractual arrangements, playing staff and financial position". The Shepherd family agreed to sell their 28%-plus stake in St James' Park to major shareholder Ashley in a deal worth more than £37m. Shepherd and the current board, who are set to remain in place for the time being, have recommended remaining shareholders accept Ashley's £1.01 per share offer. Mr Ashley formed St James' Holding Limited a matter of weeks ago with the sole purpose of buying Newcastle United. He then contacted Sir John Hall, who agreed to sell his family's 41.6% stake to Mr Ashley for £55.3m. He immediately launched a £134.4m bid to buy the club. Sam Allardyce has already made headway in the transfer market by snapping up Manchester City midfielder Joey Barton for £5.5m and Middlesbrough's Mark Viduka on a free. Link to comment Share on other sites More sharing options...
Jimbo 133 Posted June 9, 2007 Share Posted June 9, 2007 Link to comment Share on other sites More sharing options...
toontoasey 0 Posted June 9, 2007 Share Posted June 9, 2007 Fan-feckin-tastic news. Link to comment Share on other sites More sharing options...
tinofbeans 91 Posted June 9, 2007 Share Posted June 9, 2007 excellent news. with ashleys financial clout and business skills also with allardyces thoroughness, i reckon this coming season will be a building one but, also with a steady climb up the table. Link to comment Share on other sites More sharing options...
Craig 6369 Posted June 9, 2007 Share Posted June 9, 2007 He is then expected to de-list the club from the Stock Exchange and make the club a private company once again. Am loving that line. A football club in private ownership concentrates, IMO, first and foremost on what goes on on the field of play, NOT on a balance sheet. The good times are just around the corner... Link to comment Share on other sites More sharing options...
Geordie Boyo 23 Posted June 9, 2007 Share Posted June 9, 2007 Link to comment Share on other sites More sharing options...
Papa Lazaru 0 Posted June 9, 2007 Share Posted June 9, 2007 Its all happened so quickly from him appearing out of nowhere to practically owning the club. Throw in how quickly we acted to get Big Sam and how quickly we have started getting players in and i still can't believe this is NUFC i am reading about!!! Link to comment Share on other sites More sharing options...
Jimbo 133 Posted June 9, 2007 Share Posted June 9, 2007 With all the takeovers of other clubs I had been thinking for a good while that surely our time will come, and it seems it has, and I'm glad its being done with English money rather than cash fleeced from the Russian or Thai public. Link to comment Share on other sites More sharing options...
luckyluke 1 Posted June 9, 2007 Share Posted June 9, 2007 With all the takeovers of other clubs I had been thinking for a good while that surely our time will come, and it seems it has, and I'm glad its being done with English money rather than cash fleeced from the Russian or Thai public. Instead it's being done with cash fleeced from the charva public. Link to comment Share on other sites More sharing options...
Jimbo 133 Posted June 9, 2007 Share Posted June 9, 2007 With all the takeovers of other clubs I had been thinking for a good while that surely our time will come, and it seems it has, and I'm glad its being done with English money rather than cash fleeced from the Russian or Thai public. Instead it's being done with cash fleeced from the charva public. I don't see a problem He's already flogging Toon shirts at a discount: http://www.sportsdirect.com/category.pasp?...allNewcastleKit Link to comment Share on other sites More sharing options...
Dr Kenneth Noisewater 0 Posted June 9, 2007 Share Posted June 9, 2007 With all the takeovers of other clubs I had been thinking for a good while that surely our time will come, and it seems it has, and I'm glad its being done with English money rather than cash fleeced from the Russian or Thai public. Instead it's being done with cash fleeced from the charva public. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now