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Newcastle Owner Embraces the Price of Success

It's funny how most non-Chelsea fans want to see the Sky Blues go down. The club is after all the reigning two-time EPL champion, but more than that, the fact that multi-billionaire owner Roman Abramovich can buy whomever he pleases adds to the ire opposing fans feel for his team. And yet, most fans want a Roman Abramovich for their club: after all, foreign ownership is en vogue these days in the English Premiership. Today, Newcastle United chairman and fan Freddy Shepherd laid out in no uncertain terms that Newcastle is actively on the lookout for the next multibillionaire to buy his club. After an annual meeting yesterday, Shepherd stated that Newcastle's future would be better off with a super-rich benefactor. "I'm a Geordie and I don't want to move anywhere, but at the end of the day it's about finding whatever is the best for the club," he said adding: "Multi-millionaires are not enough any longer, you need billionaires. We would have to make sure that they would be fit and proper people to take over. There have been reports that American hedge fund Polygon might to take the reigns at Newcastle but even a rich hedge fund might not bring the kind of capital to the table that Shepherd is looking for. The Newcastle owner says he's receiving about "10 proposals per week" and the only formal offer has come from the New Jersey-based group Belgravia. The group entered an offer period on August 21 but has made no firm bid since.

Read the whole story at London Telegraph »

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