Under stock market rules, Ashley must now offer to purchase the remaining shares in the club, around 30 per cent of which are owned by current chairman Freddy Shepherd.
In a statement to the stock exchange, Ashley said: “Newcastle United has a wonderful heritage and the passion of its fans are legendary. I am sure that, like me, they are already excited about the prospects for next season under the new manager’s stewardship.”
Newcastle United plc has said that the board will meet to consider the offer shortly and has urged shareholders to take no further action at this stage.
