Billionaire linked with Newcastle United takeover set to move on amid 'new investments' rumours
Billionaire Joe DaGrosa could be bought out of Ligue 1 Bordeaux with the club's majority shareholders keen to fund new investments.
American businessman DaGrosa’s GACP Sports group have been linked with St James's Park takeover in the last few months, alongside former Manchester United and Chelsea chief Peter Kenyon.
And according to French newspaper Sud-Ouest, DaGrosa’s time could well be up in France.
The report states: “Joseph DaGrosa, the chairman of the board of Bordeaux, could be pushed to the exit by the club.
“Tensions are growing between the US investment fund GACP and King Street, the majority shareholder. Due to a desire to fund new investments, King Street would consider buying out GACP's 13.6% stake, with the aim of becoming a sole shareholder.”
Back in October the Gazette revealed DaGrosa’s US investment firm opened up a fresh company GACP NEWCASTLE INVESTORS (U.S.), LLC out of Delaware. The incorporation date for this fresh venture was Tuesday, October 8.
This follows on from the setting up of GACP NEWCASTLE MANAGEMENT (U.S) LLC and GACP NEWCASTLE PARTNERS (U.S), LLC. The former launched on September 27, 2019 with the latter set-up on October 1, 2019.
Further to this ‘Newcastle Investors Ltd’ has been registered in the Cayman Islands, as well as ‘Newcastle Investors Ltd’ company name reserved on the Isle of Jersey.
This follows on from their 46-page brochure circulated to press.
Despite all of this, GACP, Kenyon or DaGrosa are yet to put in a formal bid for United.
Reports eight weeks ago suggested GACP are eyeing a £300million buyout of the Magpies, with the deal stretched out over three years.
The reported deal would see them make a down-payment of £125m to take control at St James's Park, with a further £175m to be paid over three years, with Ashley retaining a number of rights, including advertising around the stadium until the debt was cleared.
Speaking to Get French Football News, DaGrosa revealed his feelings on club ownership.
"There is emotion in this business that doesn’t exist in others,” he said.
"I've been in insurance which is all about numbers. Then you get into sport and it's emotional. Everyone has a view and likes to share them."