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Ashley launches Newcastle offer Newcastle get £133m buyout offer
(10 minutes later)
Billionaire businessman Mike Ashley has launched a £133.1m ($263m) offer for Newcastle United. Billionaire businessman Mike Ashley has launched a £133.1m ($263m) offer for Newcastle United football club.
The news came after the retail entrepreneur said he had bought a 41.6% stake in the Premiership team from Sir John Hall's family for more than £55m. The offer came after the retail entrepreneur said he had bought a 41.6% stake in the Premiership team from Sir John Hall's family for more than £55m.
Mr Ashley said the firm had bought 55.3 million shares in the club at 100 pence a share. Mr Ashley said his firm St James Holdings Limited (SJHL) had bought 55.3 million shares in the club at 100 pence a share.
He added that his takeover offer priced the rest of the club's shares at the same level. He added that his offer priced the rest of the club's shares at the same level.
Earlier this year Mr Ashley earned himself more than £900m after the flotation of his Sports Direct retail chain which he set up in 1982.
The group runs the Sports World retail chain and Lillywhites, and its brands include Dunlop, Kangol and Karrimor.
SJHL added that the offer price represented a 19% premium on the 84p closing price of Newcastle's shares on Tuesday 22 May.