Gateshead FC saved as US investment group completes takeover breakthrough

Summarised from 3 outlets · Updated 6 Nov, 11:20 · Archive

US-based investment group Flacks Group has resolved disputes blocking its takeover of Gateshead Football Club.

Gateshead Football Club's future has been secured after the Flacks Group resolved outstanding issues blocking its takeover of the club. The US-based investment group had initially agreed a deal with existing shareholders in early October but faced multiple obstacles, including a dispute with Shoreline, which had previously attempted its own takeover and is now pursuing League One club Bromley.

The club was threatened with winding-up proceedings by HMRC over overdue PAYE and VAT payments, with a Wednesday deadline to pay the six-figure sum or agree a repayment plan. A breakthrough was reached on Thursday afternoon after discussions between several parties led to a resolution that pulled the club back from the brink of ceasing operations.

Players and staff are now set to receive their October wages, which they had failed to receive on time for the second month running. The Flacks Group, which has worldwide assets worth over $7 billion, plans to strengthen the club's infrastructure at the International Stadium and improve the club's situation on and off the pitch.

How it is being reported

• Gateshead saved as US investors complete takeoverUS private investment firm, Flacks Group, complete their takeover of troubled National League club Gateshead.BBC Tyne And Wear · 6 Nov, 11:50
• Gateshead saved as takeover by US-based investment group now imminentThere was some big news from National League club Gateshead on Thursday night.Sunderland Echo · 6 Nov, 10:53
• Gateshead FC saved after US investment group agree takeover breakthroughEXCLUSIVE: The future of the football club has been secured after a dispute was resolvedChronicleLive · 5 Nov, 20:20

In this story: Gateshead Football Club · Flacks Group · Shoreline · International Stadium · HMRC · Bromley

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log