Documents, seen by the Gazette, show that GACP Sports - the sporting investment arm of billionaire Joseph DaGrosa - have formed two new companies in the last week in a bid to facilitate a takeover of Newcastle United.
The two new companies are called ‘GACP Newcastle Management LLP’ and ‘GACP Newcastle Partners LLP’. The former was launched on September 27, 2019 with the latter set-up on October 1, 2019.
Both companies are owned 100% by GACP Sports Partners LLC and have been registered in Delaware.
And while the formation of these two new companies does not guarantee a takeover - or even that a deal is close - it does at least prove that GACP and Peter Kenyon are taking concrete steps forward as they pursue a deal.
DaGrosa’s investment firm and Kenyon are believed to be working together on a purchase of the club from Mike Ashley, having proposed a deal comprised of an initial payment of £175million followed by a further £125million over three years.
DaGrosa and GACP Sports purchased Bordeaux last year and formed two near-identical companies in order to complete that deal.
The formation of these two new companies was detailed in GACP Sports’ brochure which was circulated last week, with the formation of company registered in the UK - called ‘Newcastle Acquisition Partners Ltd’ - set to follow.