Gateshead FC agrees takeover deal with American investor
Summarised from 2 outlets · 3 reports · Updated 9 Oct, 19:00 · Archive
National League club Gateshead have agreed a takeover with American private investment company Flacks Group.
Gateshead FC have agreed a takeover deal with American private investment company Flacks Group, subject to approval by the Independent Football Regulator. The sale marks a major development for the National League club, which has faced severe financial difficulties in recent weeks.
The club experienced a severe crisis after the departure of key financial backer Mark Nellist. Players and staff were not paid their September wages on time, leading to an emergency meeting among players before last weekend's match. The takeover deal should see all outstanding wages paid immediately. Flacks Group, founded by billionaire Michael Flacks in 1983, is based in America and specialises in acquiring and turning around distressed businesses. The company has global assets worth over $7 billion and operates offices in Miami, New York, Houston, Tokyo and Paris.
Gateshead sit bottom of the National League with four points from twelve games, having suffered six consecutive defeats. The club parted company with manager Lee Cattermole last week, with Ben Clark taking interim charge for the upcoming match against Halifax Town.
How it is being reported
- Who are Gateshead FC's prospective new US-based owners Flacks Group and billionaire Michael FlacksGateshead FC have agreed a deal in principle for private investment firm Flacks Group to take over the clubChronicleLive · 9 Oct, 19:57
- Gateshead to be sold to American investment groupAmerican investment company, Flacks Group, are set to purchase National League club Gateshead subject to approval.BBC Tyne And Wear · 9 Oct, 18:17
- Gateshead FC agree takeover deal with billionaire investor Michael FlacksThe National League club have been in crisis following the departure of key financial backer Mark NellistChronicleLive · 9 Oct, 16:55
In this story: Gateshead FC · Flacks Group · Michael Flacks · Mark Nellist · Lee Cattermole · Independent Football Regulator · National League
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