Newcastle reject takeover bid - report

Newcastle’s major shareholders have rejected a bid from Belgravia Group, according to the Sunday Telegraph.

News of the Jersey-based investment group’s interest surfaced last month and while their approach has been rebuffed, another offer is expected.

John Hall, who owns 28.8% of the club and his son Douglas, who owns 12% along with chairman Freddy Shepherd (28%) have reportedly rejected an initial approach though talks are said to be ongoing.

The newspaper quotes an executive close to the negotiations as saying: “Talks are ongoing and there seems to be every chance of a deal being struck.”

The club is valued at £91m (€134m) and Shepherd will reportedly only accept an offer of more than £100m (€148m).