News Alerts
Headlines
Belgravia withdraws bid for Newcastle
England - 22 January, 2007
Adjust font size:
The Jersey based Belgravia Group said it was withdrawing its bid for English Newcastle United because it could not agree to a price and transaction structure.
Belgravia, a private company with interests including construction, hospitality, aviation and sports marketing, said it felt its offer would have been in the best interests of the club and its supporters.
It is the second company to drop its bid for Newcastle this year, after the Polygon hedge fund also pulled out.
Belgravia said it could revive its interest in Newcastle if the situation changes. It could return with a new offer if a proposal from the Newcastle board was impending or if a third party announced an offer.
US firm Polygon and its St. James' Park Group consortium also said it could make another offer for Newcastle if circumstances change.
The majority shareholder at Newcastle United is Sir John Hall, who along with his son owns more than 40 percent of the club.
Freddy Shepherd, another key shareholder and Newcastle's chairman, owns a 28 percent stake in the football club.
In October 2006, Newcastle United announced a GBP 12 million financial loss for the year after heavy investment in players and a fall in income as a result of its failure to qualify for Europe.
Belgravia, a private company with interests including construction, hospitality, aviation and sports marketing, said it felt its offer would have been in the best interests of the club and its supporters.
It is the second company to drop its bid for Newcastle this year, after the Polygon hedge fund also pulled out.
Belgravia said it could revive its interest in Newcastle if the situation changes. It could return with a new offer if a proposal from the Newcastle board was impending or if a third party announced an offer.
US firm Polygon and its St. James' Park Group consortium also said it could make another offer for Newcastle if circumstances change.
The majority shareholder at Newcastle United is Sir John Hall, who along with his son owns more than 40 percent of the club.
Freddy Shepherd, another key shareholder and Newcastle's chairman, owns a 28 percent stake in the football club.
In October 2006, Newcastle United announced a GBP 12 million financial loss for the year after heavy investment in players and a fall in income as a result of its failure to qualify for Europe.
Source: euFootball.BIZ © Copyright 2006 -
All rights reserved.
© Copyright message
The copying, republication, redistribution or web posting (including by framing or similar means) of this content is expressly prohibited without the prior written consent of euFootball.BIZ
-
Finance
Television
Sponsorship
Marketing
Technology
Competitions
Clubs
Stadia-Facilities
Legal
Administration
Events