Newcastle United owner Mike Ashley’s Fraser Group has doubled its stake in Hugo Boss amid the situation of the proposed takeover in the North East, as per ChronicleLive.
The CEO of Sports Direct’s company had previously bought around 3.5 million in shares in the upmarket fashion chain outlet which had set them back roughly £97 million around the middle of last month.
However, the stake of the Fraser Group has been increased to just over seven million in shares, which are valued at a total adding up to £186 million, giving Ashley’s group a 10 per cent stake in the German firm.
The additional stake in Hugo Boss by the 55-year old’s company adds to the firms that they already have invested in, which also includes the likes of French Connection, Jack Wills, Game Digital, Agent Provocateur and Sofa.com.
Ashley has agreed the £300 million sale of the Magpies to a Saudi Arabian-led group which consists of the businesswoman and head of PCP Capital Partners Amanda Staveley, the billionaire Reuben brothers based in London and the Kingdom of Saudi Arabia (KSA) crown prince Mohammed bin Salman (MBS) and his country’s Public Investment Fund (PIF).
Will the Premier League approve the takeover of Newcastle?
However, the deal has not been fully approved yet by the Premier League, putting the proposed takeover in doubt. The buying side must pass the Owners’ and Directors’ test (ODT) set out by the top flight before they can approve of the bid, as the would-be owners as well as Ashley wait on to see if England’s highest division will give it the green light.
Geordies, will the consortium pass the ODT? Comment below!
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