Polygon goes cold on Newcastle United

23 Apr 2008

By: Sport Industry Group

The St. James’ Park Group consortium, backed by US hedge fund Polygon, has stated it has ended talks regarding a takeover bid for Premier League club Newcastle United.

The group, which is one of a number of parties in takeover talks with Newcastle, issued a statement that it has no current intentions regarding a buyout although it reserved the right to make an offer or possible offer if circumstances changed.

The consortium was believed to have been battling it out against the Jersey-based Belgravia Group regarding a takeover with both groups requesting access to the club’s books before Christmas.

Majority shareholder at Newcastle United is Sir John Hall who, with his son, owns more than 40% of the club.

The other major shareholder is Newcastle chairman Freddy Shepherd, who owns a 28% stake in the football club.