Mike Ashley needs less than 13 per cent of Newcastle United's remaining shares to become the sole power broker at St James' Park.
The billionaire businessman is on course to take the club back into private ownership after increasing his stake to 77.06 per cent.
The bulk of business involved the purchase of chairman Freddy ShepherdÂ’s 28.01 per cent share, taking Ashley over the 75 per cent required to de-list Newcastle from the London Stock Exchange.
Once he reaches the 90 per cent mark, he will be able to force any remaining shareholders to sell up.
A statement from Ashley’s investment vehicle, St James Holdings Limited, on the club’s official website, www.nufc.co.uk, read: “SJHL now intends to procure the making of an application by Newcastle United to the London Stock Exchange for the cancellation of trading of Newcastle United shares and to the UKLA [UK Listing Association] for the cancellation of Newcastle’s listing.”
This is expected to take effect on July 18.
On reaching the 90 per cent mark, the statement added SJHL planned to “acquire compulsorily” the remainder of the shares if necessary.
Meanwhile, Newcastle have welcomed the findings of Lord StevensÂ’ inquiry into Barclays Premier League transfers, which found no evidence to suggest any irregular payments by or to club officials.
However, the Quest team refused to sign off four transfers into St JamesÂ’ Park - those of Albert Luque, Emre, Jean-Alain Boumsong and Amdy Faye.
KEY FINDINGS FROM FINAL QUEST REPORT
The developments overshadowed the first words from midfielder Joey Barton as a Newcastle player.
The 24-year-old finally completed his move from Manchester City on Wednesday after the clubs agreed a revised £5.8million fee, and he believes his new club are poised to gatecrash the Barclays Premier League’s top four.
“I’m looking forward to next season already and the promise that it brings,” he said.
“Everything is in place for this club to take off and join the likes of Manchester United, Chelsea, Arsenal and Liverpool.
“If anything, there are a ‘big five’ in this country and Newcastle United are one of them. If success is achieved here then the sky is the limit.”
