Ashley to meet Magpies board

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The sportswear tycoon bought a 41.6% holding in the St James' Park club from former chairman Sir John Hall and his family on Wednesday for in excess of £55million.

Because of a fractured rib current chairman Freddy Shepherd was out of circulation when news of St James' Holdings Limited's takeover bid, which would be worth £133.1million in total, broke on Wednesday. But a board meeting has now taken place and Ashley has been invited to "an early meeting" next week.

City analysts do not believe Ashley will have any difficulty in reaching the 50%-plus mark which was the condition of his 100p-a-share offer but Shepherd's decision - he holds a stake of around 29.8% - will be key to his hopes of acquiring the 75% he would need to make full control almost inevitable.

A statement released by the club to the Stock Exchange on Friday afternoon read: "The board of Newcastle United has met to discuss the SJHL offer and has requested an early meeting with Mike Ashley and his team and look forward to discussing the offer and his plans for Newcastle United in more detail. It is hoped that this meeting will take place next week."

Hall insists he has done a deal with the right buyer and, speaking on BBC Radio Newcastle, said: "We have a had a few people come to us - quite a few - but many of them were not the right ones for the club.

"I feel basically Mike Ashley and his team, they are the right ones. He will take us to, in my view, a new dimension. I am certain he will be good for the club or I would not have sold to him."