Businessman Mike Ashley is closing in on complete control of Newcastle United after informing the stock market that his overall stake is now above 93 per cent.
Ashley has confirmed the purchase of shares previously owned by Sir John Hall and his family (41 per cent) and chairman Freddy Shepherd (28 per cent), in addition to a further 24 per cent acquired from other stakeholders.
The sports-brand magnate, owner of Dunlop Slazenger and Lonsdale, has now extended his offer to buy the remaining seven per cent of the club's shares.
It will remain on the table "until further notice" so that Ashley can secure 100 per cent ownership and remove the club from the exchange.
Once Ashley actually holds more than 90 per cent of the issued share of Newcastle United (a proportion of the 93 per cent he currently controls is subject to deals not yet formally completed), he will mount a compulsory purchase of the remaining shares.
Given the existing timeframe, Ashley could have full control of the club by the middle of next month.
The businessman's buyout was roundly supported by former majority shareholder Sir John Hall and Shepherd, who claimed Ashley "will be [an] excellent custodian of Newcastle United's heritage and will provide the best possible opportunity for the club to flourish in the future".
The overall offer valued the club at £133 million, which Shepherd said "fully reflects both the performance of Newcastle and its prospects and ambitions for the future".
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