Sir John Hall sold his 41.6% stake in Newcastle United earlier this week to billionaire businessman Mike Ashley. The 74 year old has now spoke our regarding his decision to sell the shares held by his family for over 20 years. Mike Ashley purchased shares from the Hall family for a reported £55 million and is now looking to complete a £133.1 million takeover of the Tyneside club. The transfer of shares came out of the blue and was a surprise even to Newcastle chairman Freddy Shepherd and new manager Sam Allardyce.

Now the dust has settled a little 74 year old Hall has publically backed the new interest. He stated that Mike Ashley and St James Holdings were the right people to move the club forward. Newcastle United are perennial underachievers in the English Premier League and despite attracting big names have slipped into the bottom portion of the league. The club also sit £80 million in debt after a stadium extension and costly transfer fees.

Mike Ashley purchased the 41.6% stake with a look to clinching a buy out of the club. Ashley needs to buy more than 50% of shares to take control of the day to day running of the club. He requires a 75% share in order to change the plc articles of association and delist the club from the stock exchange. Ashley can take control of the board of the club with 50% but as Freddy Shepherd holds a 29% stake he needs to acquire the chairman’s stake also.