Ashley launches Magpies bid
Billionaire businessman Mike Ashley has bought a 41.6 per cent
stake in Newcastle ahead of a proposed takeover.
Ashley has paid Sir John Hall and his family £55million for the
stake and has offered to buy the rest of the club's shares at the
same price, which would value the St James' Park outfit in the
region of £133million.
Ashley made his fortune in sportswear retail and is the UK's 25th
wealthiest man, according to the Sunday Times Rich List, with an
estimated worth of £1.9billion.
Ashley confirmed: "I am delighted to have this opportunity to
invest in Newcastle United.
"The club has a fantastic infrastructure, for which Sir John and
the board must take much of the credit."
Former Magpies chairman Hall, who will remain life president, has
welcomed the prospect of a handover.
"It is now time for me to move on and let others take up the
challenge of competing in the global marketplace," said Hall.
"Mike Ashley is a major player in the sporting world and I am
convinced that he is the right person to take my place and take the
club forward."
Stock Exchange rules mean that St James' Holdings Limited, Ashley's
bid vehicle, must now make a cash offer for the remaining shares,
around 29.8 per cent of which belong to chairman Freddy
Shepherd.
Newcastle confirmed on Wednesday that their board will meet to
discuss Ashley's proposal.
