Belgravia maintain interest in Newcastle takeover
Thursday, 30 November 2006 16:14The Belgravia Group today attempted to raise the stakes in its pursuit of taking over Newcastle United.
The Jersey-based group, which has been in talks over a potential takeover at St James' Park for several months, suggested it would like to be in control ahead of the January transfer window. They also implied that such action would lead to a major investment in players.
However, with chairman Freddy Shepherd still showing no sign of being willing to sell his stake and growing increasingly irritated at Belgravia's tactics the prospect of that happening remains remote.
Both parties confirmed to the Stock Exchange earlier this year that discussions which may or may not lead to an offer were underway, although none has yet been made. Belgravia's stance today remained as it has been throughout, although the mention of the transfer window suggested a time-frame.
A spokesman told BBC Sport: 'We are still in talks which may or may not lead to a deal, but from our perspective, we are still very keen to do a deal. The transfer window is approaching and I think from both parties' perspective that is something to focus the minds.'
Belgravia, like US hedge fund Polygon, is understood to have held talks with former chairman Sir John Hall over his 28.5 per cent holding and son Douglas, who controls a further 14 per cent. However, Shepherd has gradually increased his stake to approaching 29 per cent, just under the 30 per cent threshold at which he would have to make an offer for the remaining shares.
Belgravia has signalled its intention to assume full control and with Shepherd seeming unwilling to relinquish his grip on the club, its interest could materialise into little else.
The potential buyers are yet to reveal their intentions for the club, but insist success on the pitch would be the priority.
