Newcastle taken over for £227m by Polygon and UBS

By Chris Baker
December 15 2006

Newcastle United, amid months of speculation, have finally been taken over - if the Daily Mail are to be believed.

According to the paper, a joint bid by American financers Polygon and the Universal Bank of Switzerland, worth £227m, has been unanimously approved by the current Newcastle board including Freddy Shepherd.

The paper continues that the takeover is expected to be completed early in the New Year, and that the Hall family and Freddy Shepherd will collect £68m from the deal, whilst Glenn Roeder will receive £20m to spend on new players - presumably in January.

The news comes as a surprise considering all the takeover talk of late has been about the Belgravia Group, a Jersey based organisation, who have been allegedly assessing the financial as well as confirming that they have been in talks for some time, albeit without any offers being made.

More news on this development will surely break as the day goes on, but it may well be that Newcastle United have indeed been taken over.

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