Mike Ashley is on course to take Newcastle back into
private ownership after increasing his stake in the club to
77.06%.
The billionaire businessman has completed his purchase of chairman
Freddy Shepherd's 28.01% stake to take control of the Premier
League club.
He will now press ahead with plans to de-list the Magpies from the
London Stock Exchange, as well as acquiring the 13% stake he now
needs to force the remaining shareholders to sell.
A statement from Ashley's investment vehicle, St James Holdings
Limited, on the club's official website: "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 Newcastle's listing."
This is expected to take effect on July 18.
On reaching the 90% mark, the statement added SJHL planned to
"acquire compulsorily" the remainder of the shares if
necessary.