Newcastle shareholders are expected to receive the formal offer document from billionaire Mike Ashley later this week as he attempts to push through his takeover bid.

Newcastle’s board have announced they are to “consider” an offer from Mike Ashley following discussions with the billionaire businessman today.

Mike Ashley is set to meet with the board of Newcastle next week as he attempts to push through his takeover of the club.

Billionaire businessman Mike Ashley today bought a 41.6% holding in Newcastle to launch a takeover bid.