Belgravia Pulls Out Of Newcastle Deal - 21/01/2007

Following the earlier withdrawal of Polygon, Newcastle United is now left without a prospective purchaser after Jersey-based investment group Belgravia said it no longer intended to make an offer for the club, although it could be tempted back if circumstances change. It said, 'Despite lengthy and protracted negotiations, Belgravia has been unable to agree a price and transaction structure which it feels would have been in the best interests of those involved.' The value of the bid has not been made public but there has been speculation it could be in the region of £130m to £150m. In October last year the club announced a £12m loss for the year following investments in players and a slide in revenues after failing to qualify for Europe.