Newcastle United - sold

[all_funkt_up]

Well well, I see there are some bargain hunters out there and they've been right busy while I have been away.



Newcastle United has been all but bought out as Sir John Hall agreed to sell his 41.6% share in the club. There had been talk of a takeover for some time now, I remember a while back they were linked with the Belgravia group and before that they had been linked with just about everyone we were linked with. However I cant help think the timing is slightly odd.

Only a few weeks ago, Newcastle announced a ground extension and a hotel complex to be built at St James' Park didnt they. I wonder how this fits in with the new bloke's plan for developing the club.

Hall had wanted out and it appears that Shepherd did not have the funds to buy the remaining shares, or for whetever reason he chose not to.

The new kid on the block made a few quid from Sports World, you know that cheapo sports shop that's full of Donnay umbrellas and socks. Didnt think there was that much money in naff sports wear myself...

Hall defends Newcastle share sale

Sir John Hall insists billionnaire businessman Mike Ashley is the right man to take Newcastle forward. Hall, 74, sold his 41.6% stake in the club on Wednesday as Ashley stepped up his takeover bid.
"We've had quite a few people come to us, but many of them weren't right," Hall told BBC Radio Newcastle.
"I feel Ashley and his team are right. He'll take us to a new dimension. I'm certain he'll be good for the club or I wouldn't have sold to him."
Ashley purchased the Hall family's stake for £55m with the ultimate aim of clinching a complete £133.1m buy-out of chairman Freddy Shepherd and the remaining shareholders.

Shepherd, who has a 29.8% stake in the club, is thought to be shocked by recent events, but Hall has backed Ashley - who made his fortune through sportswear firm Sports World.
"He knows the passion of the fans, he knows how much it means on Tyneside," Hall said.
"I've talked to him enough to be assured they've got the passion for the club as we all have.
"You can't run a club without being attached to it. You can't run a club without feeling for it because it is about people, it's about the passion of the people.
"He knows the supporters are passionate."
Shepherd and the Newcastle board are due to meet shortly to consider Ashley's offer of 100p per share.

If Ashley manages to buy more than 50% of shares, he will have day-to-day control of the club and if he gets to 75%, he will be able to delist the club from the Stock Exchange.
Hall will remain involved at St James' Park as life president but admitted the time was right for him to step aside.
He said: "I think I've done the best thing but one can never tell. I'm 74 now and for some time I've felt the family need to take a new direction.
"It's been known we've wanted to sell our shares and move on to other things.
"We probably ran out of ideas a bit. You've got to make changes every now and again.
"There's no room for old men. I've got a lot of experience but it's a young man's game."