Mike Ashley needs less than 13 per cent of Newcastle United's
remaining shares to become the sole power broker at St James'
Park.
The billionaire businessman is on course to take the club back into
private ownership after increasing his stake to 77.06 per
cent.
The bulk of business involved the purchase of chairman Freddy
Shepherds 28.01 per cent share, taking Ashley over the 75 per cent
required to de-list Newcastle from the London Stock Exchange.
Once he reaches the 90 per cent mark, he will be able to force any
remaining shareholders to sell up.
A statement from Ashleys investment vehicle, St James Holdings
Limited, on the clubs official website, www.nufc.co.uk, read:
SJHL now intends to procure the making of an application by
Newcastle United to the London Stock Exchange for the cancellation
of trading of Newcastle United shares and to the UKLA [UK Listing
Association] for the cancellation of Newcastles listing.
This is expected to take effect on July 18.
On reaching the 90 per cent mark, the statement added SJHL planned
to acquire compulsorily the remainder of the shares if
necessary.
Meanwhile, Newcastle have welcomed the findings of Lord Stevens
inquiry into Barclays Premier League transfers, which found no
evidence to suggest any irregular payments by or to club
officials.
However, the Quest team refused to sign off four transfers into St
James Park - those of Albert Luque, Emre, Jean-Alain Boumsong and
Amdy Faye.
KEY FINDINGS FROM FINAL QUEST REPORT
The developments overshadowed the first words from midfielder Joey
Barton as a Newcastle player.
The 24-year-old finally completed his move from Manchester City on
Wednesday after the clubs agreed a revised £5.8million fee, and he
believes his new club are poised to gatecrash the Barclays Premier
Leagues top four.
Im looking forward to next season already and the promise that it
brings, he said.
Everything is in place for this club to take off and join the
likes of Manchester United, Chelsea, Arsenal and Liverpool.
If anything, there are a big five in this country and Newcastle
United are one of them. If success is achieved here then the sky is
the limit.
