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| Version 5 | Version 6 |
|---|---|
| Polygon ends Newcastle bid talks | Polygon ends Newcastle bid talks |
| (10 minutes later) | |
| The Polygon-backed St James' Park Group consortium has said it has no current intentions of bidding for Premiership football club Newcastle United. | The Polygon-backed St James' Park Group consortium has said it has no current intentions of bidding for Premiership football club Newcastle United. |
| In a statement the hedge-fund backed group also said it had ended talks with the north-east England outfit. | In a statement the hedge-fund backed group also said it had ended talks with the north-east England outfit. |
| It had been one of many names said to be mulling a bid move for United, which would not comment on the announcement. | It had been one of many names said to be mulling a bid move for United, which would not comment on the announcement. |
| St James' Park Group said it reserved the right to make an offer or possible offer if circumstances changed. | St James' Park Group said it reserved the right to make an offer or possible offer if circumstances changed. |
| Those circumstances would include any offer for Newcastle United from another party. | Those circumstances would include any offer for Newcastle United from another party. |
| The news saw shares in the club fall in mid-afternoon trade in London by 8% - or 6.5p - to 74 pence. | |
| A spokesman for Newcastle United plc said they had no comment to make on the St James' Park Group statement. | A spokesman for Newcastle United plc said they had no comment to make on the St James' Park Group statement. |
| Neither would they comment on whether there had been any further contact with the Belgravia Group, another possible suitor. | |
| Major shareholders | Major shareholders |
| Jersey-based Belgravia has been repeatedly linked with bids for the club. | |
| Belgravia is a private company with interests including construction, hospitality, aviation and sports marketing. | |
| Before Christmas Newcastle United said talks with Belgravia were ongoing and also revealed that American financiers Polygon had requested access to the company's books. | Before Christmas Newcastle United said talks with Belgravia were ongoing and also revealed that American financiers Polygon had requested access to the company's books. |
| Majority shareholder at Newcastle United is Sir John Hall who, with his son, owns more than 40% of the club. | Majority shareholder at Newcastle United is Sir John Hall who, with his son, owns more than 40% of the club. |
| The other major shareholder is Newcastle chairman Freddy Shepherd, who owns a 28% stake in the football club. | The other major shareholder is Newcastle chairman Freddy Shepherd, who owns a 28% stake in the football club. |
| Rising costs | |
| In October 2006 Newcastle United announced a £12m financial loss for the year after heavy investment in players and a fall in revenues due to its failure to qualify for Europe. | |
| The result was a reversal in financial fortune for the Premiership club which made a £620,000 profit the year before. | |
| Revenues fell by nearly £4m to £83m as an absence of European football reduced match day ticket sales. | |
| Expensive new signings such as England striker Michael Owen, bought from Real Madrid, also pushed up costs. | |
| 606 DEBATE: Give your reaction to this news | 606 DEBATE: Give your reaction to this news |