Ashley to take over Newcastle Utd
Ashley purchased the Hall family's stake for £55m
Billionaire businessman Mike Ashley is set to take control of Newcastle United after chairman Freddy Shepherd agreed to sell his 28% stake in the club.
Mr Ashley, who runs the Sportsworld chain and Lillywhites, is to pay £37.6m for the shares - a move that values the club at £131m.
Last month his company, St James Holdings, bought 41.6% of the club's shares from Sir John Hall's family.
The Newcastle board has urged other shareholders to sell to Mr Ashley.
Mr Shepherd, who is expected to stay on at the club in some capacity, said that Mr Ashley and his company would be "excellent custodians of Newcastle United's heritage and will provide the best opportunity for the club to flourish in the future, to the benefit of the company and its fans". http://news.bbc.co.uk/1/hi/business/6729215.stm