Takeover agreement signed - and it could spell the end of Mike Ashley's Newcastle United reign
Joseph DaGrosa has reportedly signed an agreement to sell his shares in Bordeaux – and it could have positive benefits for Newcastle United.
The American businessman, whose GACP Sports group own a minority share in the Ligue 1 side, were linked with a bid for the Magpies earlier this year.
DaGrosa was working alongside Peter Kenyon to facilitate a takeover of Newcastle, with three companies established in the USA related to a potential deal, as they looked to raise the necessary capital.
Progress has been slow since, but DaGrosa’s bid to end the reign of Mike Ashley at St James’s Park may have just received a significant boost.
Reports earlier this week from France suggested that GACP were willing to sell their shares in Bordeaux to King Street Capital – the current majority shareholders – in a bid to raise capital for other investment projects.
And L’Equipe now claim that an agreement has been signed for the deal, which will hand GACP some extra financial muscle.
What projects DaGrosa and his group wish to pursue remains to be seen, but he has previously spoken of his desire to investment in sporting clubs with ‘enormous potential’.
"Sports have always been on our company’s radar and this is a league that has enormous potential,” he said.
“You can buy a Major League Baseball team which costs $1bn and is in a death spiral or, for a fraction of the price, own a storied club in Europe that’s going to continue to grow and ultimately realize its value down the road.”