Newcastle Bid Heads For Success - 27/05/2007

Reclusive billionaire Mike Ashley looks likely to secure control of Newcastle United in the coming week. Ashley is understood to have already secured the 50 per cent shareholder approval necessary to take control of the club. Freddy Shepherd, the Newcastle chairman, hopes to meet with him this week, Unless Mr Ashley manages to acquire at least 75 per cent of the club's shares, he will not be able to delist it from the Stock Exchange. Mr Ashley's advisers have refused to comment on reports that he is a secret Spurs fan.

Sir John Hall has admitted that Newcastle's flotation in 1997 was not a success. He commented: 'My experience is that the City is not suitable for football. There are too many controls. Football clubs don't sit well within the City code. When Roman Abramovich came into the game, he changed it for ever. It has become global, with all these people coming in. With hindsight, I would have stayed private.'