Ashley close to completing buyout

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St James Holdings Limited, Ashley's company, revealed to the London Stock Exchange on Wednesday that they had reached agreement to buy almost 95% of shares by Tuesday afternoon, and that they would now take up their option to force the remaining stockholders to sell up.

It is expected that the remaining purchases will be completed by the end of next month.

After buying more than 40% of shares in May, the Newcastle board recommended Ashley's bid to takeover the Barclays Premier League club on June 7 and he had increased his stake to almost 80% by the middle of that month.