Newcastle United's prospective billionaire owner discusses his intentions amid takeover companies formation
US billionaire Joseph DaGrosa has revealed he is looking for the ‘right opportunity’ as he continues to search for another ‘good sound investment’ in European football.
News emerged last night that GACP Sports Limited and Peter Kenyon have taken a firm step towards a takeover at United - by forming two new companies in the USA.
Documents in the US show 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.
DaGrosa, of GACP Sports, has been linked with a buyout of Mike Ashley at Newcastle United, alongside former Manchester United and Chelsea chief Peter Kenyon – but as yet the group are yet to produce an acceptable bid for the Magpies.
United remain up for sale, even though Ashley has resigned himself to keeping hold of the club long-term after a number of failed takeover attempts from the likes of the Bin Zayed Group and Amanda Staveley in recent years.
Bordeaux owner DaGrosa has revealed he remains in the hunt for another club – and has his sights set on Europe, rather than the MLS.
“At the end of the day I run a private equity company and we are always looking for good sound investments,” he said.
“Right now we are focused on European football. I think the MLS is going to continue to grow over the next few years and if the right opportunity comes along, who knows.”
DaGrosa continued: “With Girondins de Bordeaux’s 138 year history, we wanted to buy into that history and be apart of that. It has a proud tradition and we wanted to be apart of that.”
Newcastle United, more so than Bordeaux, or marketable across the world – with China and the US emerging markets for Premier League football.And that’s something DaGrosa is keen to tap into.
“I think there's even a bigger opportunity in China relative to the US,” he said.
“I just got back from China we are spending time and energy and money to develop that market and we think it's a market that's going to grow exponentially over the next 10 years and we plan to be a big part of it.
“Football, soccer is growing in the US I think it's going to continue to grow.”
GACP Sports are reportedly eyeing a £175million bid for the club, with another £125million to be paid in instalments over the next three years.