The potential start of a takeover bid for Premiership side Newcastle United has taken many by surprise including Newcastle chairman Freddy Shepherd and new manager Sam Allardyce. Businessman Mike Ashley purchased a 41.6% stake in the club by buying Sir John Hall’s shares for a total of £55 million. Stock exchange regulations now state that he must make a cash offer for remaining shares.

Newcastle chairman Freddy Shepherd was not informed of the transaction until after it was completed and media sources say he was informed while in hospital with suspected pneumonia. Ashley is also reported to have launched his cash bid with a projected £133.1m takeover bid valuing the club at £1 a share.