Mike Ashley has now reached 77% of the shares of Newcastle United PLC and now has to get only 13% more to take total control of the club.
He increased his share of the club further yesterday and already has the 75% needed to take Newcastle United private and off the stock market.
Once Ashley reaches 90% ownership all other shares must be sold to him so he owns the full 100%.
A statement on the club’s web site from Ashley’s investment company St James Holdings Limited read:
“SJHL now intends to procure the making of an application by Newcastle United to the London Stock Exchange for the cancellation of trading of Newcastle United shares and to the UKLA [UK Listing Association] for the cancellation of Newcastle’s listing.”
This is expected to take effect on July 18.
This comes after Mike Ashley met with new manager Sam Allardyce last week and gave him a vote of confidence on what he is currently attempting to accomplish in the transfer market â€“ and it appears that Sam will be left alone to get on with his important rebuilding job at Newcastle. An insider also indicated that a senior appointment at the club would soon be made to look over the total workings of the club from top to bottom.
We ran a story yesterday on an assessment of the insider’s comments and that Ashley was happy with how Sam is going about his new job at Newcastle.
The major focus this week for Big Sam will be signing defenders – and there are rumors he may be signing David Rosehnal early in the week. We have idea if this is true or made up – but we do believe that Rosehnal, a 6’3″ Czech from PSG – would be a good buy for Newcastle.