Magpies net pounds 160m offer
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.NEWCASTLE UNITED could be following Manchester United into the arms of a corporate owner, after the Premier League football club yesterday admitted receiving a takeover approach from an unnamed suitor.
The offer, which Newcastle revealed in a brief announcement to the London Stock Exchange, would be pitched at around 110p per Newcastle United share, valuing the club at almost pounds 160m.
A successful takeover would mean a bonanza for Douglas Hall and Freddie Shepherd, the disgraced directors who prompted a boardroom exodus when they returned to the Newcastle board last week.
Douglas Hall could expect to pocket a cash windfall worth more than pounds 90m, while Shepherd would receive aroundpounds 13m. Between them, the duo control 65.6 per cent of the club - enough to wave through any takeover.
The identity of the suitor remained a mystery last night as Sony, the Japanese electronics giant which had been linked with the club, denied it had any interest in Newcastle.
Time Warner, the US entertainment giant and Carlton and United News & Media, the television groups, have also been exploring the possibility of buying a club in the wake of BSkyB's offer.
However, Newcastle stressed that a formal offer would have to wait until the Monopolies and Mergers Commission delivers its report on British Sky Broadcasting's proposed pounds 625m takeover of Manchester United next year.
Newcastle are coached by charismatic Dutchman Ruud Gullit and its squad includes England striker Alan Shearer. However the team is currently languishing in 15th place in the 20-team Premier League.
A successful takeover would be a remarkable reward for Shepherd and Hall, who were forced to resign from the club in March when they were secretly recorded in a Spanish brothel insulting Newcastle fans and ridiculing Shearer.
Last week they voted themselves back on to the board of Newcastle United plc, the holding company for the football club, prompting the resignation of the chairman and two non-executive directors.
Like other clubs, Newcastle have been at the centre of bid speculation ever since BSkyB announced plans to buy Manchester United.
Its dismal reputation in the City, where investors have lost all faith in the club, has added to the belief that a takeover bid might succeed - even if it was pitched below the 130p at which Newcastle shares were sold to investors last summer.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments