Ashley continues Newcastle buyout

The billionaire businessman is on course to take the club back into private ownership after yesterday increasing his stake to 77.06%.

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The bulk of business involved the purchase of chairman Freddy Shepherd's 28.01% share, taking Ashley over the 75% required to de-list Newcastle from the London Stock Exchange.

Once he reaches the 90% 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% mark, the statement added SJHL planned to "acquire compulsorily" the remainder of the shares if necessary.

Meanwhile, Newcastle have welcomed the findings of Lord Stevens' inquiry into 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 James' Park - those of Albert Luque, Emre, Jean Alain Boumsong and Amady Faye.

All took place while Graeme Souness was manager and the Quest report said inconsistencies remained in evidence provided by Souness and chairman Shepherd's son Kenneth over their roles in all but the Luque deal.

Souness responded through his solicitors by saying: "I cannot understand why my name features in this report.

"I volunteered full information to Quest as a witness and I have heard nothing further from them."

Newcastle said they "firmly supported the inquiry" and called on those agents referred to in the report to assist Quest in resolving their outstanding queries.

In terms of Luque's signing from Deportivo La Coruna, the inquiry had unanswered questions relating to possible payments made by agent Francis Martin, who Newcastle officials believed was working for the selling club.

The licensed agent acting on the club's behalf was Eugenio Botas.

In relation to Emre's move from Inter Milan, the inquiry was not prepared to clear the transfer as it was unable to obtain the co-operation of the lead agent, Ahmet Bulut.

In relation to Boumsong and Faye, Quest said those transfers involved payments to agent Willie McKay and, despite a degree of co-operation from McKay, the inquiry was still awaiting clarification in relation to various documents provided by him.

Yesterday's developments overshadowed the first words from Joey Barton as a Newcastle player.

The controversial midfielder finally completed his move from Manchester City on Wednesday after the clubs agreed a revised £5.8million fee.

The 24-year-old believes his new club are poised to gatecrash the 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 limit."