Ashley Set To Sell Up And Ship Out!

Last updated : 07 September 2008 By Footy Mad - Editor

Northern Echo: "Newcastle United could be in the hands of new owners by the end of the month as Mike Ashley seeks a St James' Park exit strategy following a disastrous four days.

"While Ashley has been appealing for investors in recent weeks, he has consistently refused to relinquish a majority shareholding in the Magpies.

"His intransigence forced the Abu Dhabi United Group to abandon their interest in the club last month, with the billionaire group successfully turning their attentions to Manchester City instead.

"But with Newcastle supporters in open revolt following the resignation of Kevin Keegan, a leading city source suggests the sportswear magnate is ready to wash his hands of the club just 15 months after completing his buy-out of former chairman Freddy Shepherd."

A number of overseas groups have been eyeing Newcastle as potential takeover targets this summer, and Ashley has allegedly already met with two ... from the States and Dubai.

According to Sky Sports yesterday, Reliance Communications, an Indian-based company run by Anil Ambani, the sixth richest man in the world, are known to have approached Newcastle officials via an intermediary earlier this summer.

Profitable Group, a Singapore-based consortium have also been linked with a takeover in the past, and are currently working to help market the Magpies in the Far East.

Ashley is keen to avoid an open confrontation with a Newcastle fanbase that has grown increasingly militant in recent days.

Dubai International Capital could also emerge as viable bidders, despite their ongoing attempts to buy out George Gillett and Tom Hicks' stake in Liverpool.