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| Version 1 | Version 2 |
|---|---|
| Ashley to take over Newcastle Utd | Ashley to take over Newcastle Utd |
| (40 minutes later) | |
| Billionaire businessman Mike Ashley is set to take control of Newcastle United after chairman Freddy Shepherd agreed to sell his 28% stake in the club. | Billionaire businessman Mike Ashley is set to take control of Newcastle United after chairman Freddy Shepherd agreed to sell his 28% stake in the club. |
| Mr Ashley, who runs the Sportsworld chain and Lillywhites, is to pay £37.6m for the shares - a move that values the club at £131m. | Mr Ashley, who runs the Sportsworld chain and Lillywhites, is to pay £37.6m for the shares - a move that values the club at £131m. |
| Last month his company, St James Holdings, bought 41.6% of the club's shares from Sir John Hall's family. | Last month his company, St James Holdings, bought 41.6% of the club's shares from Sir John Hall's family. |
| He now has about 70% of the shares, and needs 75% to trigger a full takeover. | |
| The Newcastle United board has urged other shareholders to accept Mr Ashley's 101 pence-per-share offer. | |
| Mr Shepherd, who is expected to stay on at the club in some capacity, said that Mr Ashley and his company would be "excellent custodians of Newcastle United's heritage". | |
| "They and will provide the best opportunity for the club to flourish in the future, to the benefit of the company and its fans", he added. | |
| Rich history | Rich history |
| Newcastle have been trying to improve their position in the Premiership and fans have been getting increasingly frustrated with the team's performance. | Newcastle have been trying to improve their position in the Premiership and fans have been getting increasingly frustrated with the team's performance. |
| Sam Allardyce recently replaced Glenn Roeder as manager of the club. | Sam Allardyce recently replaced Glenn Roeder as manager of the club. |
| It was the third managerial change the Magpies have undergone in less than three years. | It was the third managerial change the Magpies have undergone in less than three years. |
| This season the club finished just five points above the relegation zone, having set a target of a European spot at the start of the campaign. | This season the club finished just five points above the relegation zone, having set a target of a European spot at the start of the campaign. |
| England forward Michael Owen is one of Newcastle's top stars | England forward Michael Owen is one of Newcastle's top stars |
| The club has a rich history, having won the FA Cup on six occasions and the league title four times, but it has failed to win any major silverware for 38 years. | The club has a rich history, having won the FA Cup on six occasions and the league title four times, but it has failed to win any major silverware for 38 years. |
| Mr Ashley will become one of a number of large investors who have been buying stakes in English and Scottish football clubs - that have included Manchester United, Liverpool, Aston Villa and West Ham. | Mr Ashley will become one of a number of large investors who have been buying stakes in English and Scottish football clubs - that have included Manchester United, Liverpool, Aston Villa and West Ham. |
| His approach is not the first that has targeted the club. | His approach is not the first that has targeted the club. |
| Last year the Belgravia Group investment fund said it was considering a bid - but then dropped its plans in January, saying it had failed to agree a price and transaction structure. | Last year the Belgravia Group investment fund said it was considering a bid - but then dropped its plans in January, saying it had failed to agree a price and transaction structure. |
| Meanwhile, in December last year, hedge fund Polygon tried to take over the club, but pulled out of negotiations a month later. | Meanwhile, in December last year, hedge fund Polygon tried to take over the club, but pulled out of negotiations a month later. |
| In October 2006, Newcastle United announced a £12m financial annual loss after heavy investment in players and a fall in revenues as a result of its failure to qualify for Europe. | In October 2006, Newcastle United announced a £12m financial annual loss after heavy investment in players and a fall in revenues as a result of its failure to qualify for Europe. |