The Darlington and Stockton Times | News, Sport, Business, North Yorkshire, County Durham

Belgravia ends Newcastle United bid

From the archive, first published Friday 19th Jan 2007.

The Belgravia Group have announced they no longer intend to make an offer for Newcastle United.

Lengthy negotiations have ended with neither side able to agree on a price.

A statement read: "Further to the announcement made by Belgravia on August 21 that it was examining the potential opportunity of acquiring Newcastle, Belgravia today announces it no longer intends to make an offer for Newcastle.

"Despite lengthy and protracted negotiations, Belgravia has been unable to agree a price and transaction structure, which it feels would have been in the best interests of those involved, as well as being in the best interests of the football club and its supporters."

However, the group could still return to the table if circumstances change.

The statement adds: "Belgravia reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Newcastle and/or take any other action which would otherwise be restricted under rule 2.8 of the City code within the next six months, in the event that an agreement or recommendation from the board of Newcastle is forthcoming or there is an announcement by a third party of an offer or there is a material change in circumstances."