Ashley to lead Magpies

NEWCASTLE - Billionaire businessman Mike Ashley, pictured, is set to take control of Newcastle United after chairman Freddy Shepherd agreed to sell his 28 percent stake in the club.

Ashley, who runs the Sportsworld chain and Lillywhites, is to pay £37,6m (about R526 million) for the shares - a move that values the club at £131m (R917 million).

Last month his company, St James Holdings, bought 41, percent of the club's shares from Sir John Hall's family. - BBC