Ashley to hold bid talks with Newcastle next week
By Damian Spellman, The Independent, 26 May 2007
Mike Ashley plans to meet the Newcastle board next week as he attempts to push through his takeover of the club.
The sportswear tycoon bought a 41.6 per cent holding in the St James' Park club from the former chairman Sir John Hall and his family on Wednesday for in excess of £55m. Because of a fractured rib the current chairman Freddy Shepherd was out of circulation when news of St James' Holdings Limited's takeover bid, which would be worth £133.1m in total, broke.
But a board meeting has now taken place and Ashley has been invited to "an early meeting" next week.
City analysts believe that Ashley will not have any difficulty in reaching the 50 per cent-plus mark which was the condition of his 100p-a-share offer but Shepherd's decision - he holds a stake of 29.8 per cent - will be key to his hopes of acquiring the 75 per cent he would need to make full control almost inevitable.
Nufcmismanagement view:
The quicker this is sorted out the better so that the club can get on with its core business and get ready for the forthcoming season.