Prospected Gateshead takeover close to collapse

Flacks Group's takeover of National League club Gateshead is on the brink of collapse after a rival bidder, Shoreline Limited, refuses to confirm it has relinquished its ownership claim.

The American investment group Flacks Group announced their takeover of Gateshead is close to collapsing due to complications involving a third party. Shoreline Limited had agreed to purchase the club from current owners last March but filed court documentation four months later to void that agreement. Flacks Group then entered negotiations with Gateshead's ownership, with their deal appearing close to completion earlier this month pending approval from the Independent Football Regulator.

However, upon discovering Shoreline's involvement, Flacks Group requested written confirmation that Shoreline would relinquish any ownership claim over Gateshead. Despite Shoreline's own court proceedings asserting they do not wish to own the club, they have refused to provide this written confirmation. Flacks Group stated they cannot proceed without this clarity, as regulations forbid any owner from controlling more than one English football club, and Shoreline is reportedly seeking to acquire another EFL club.

Flacks Group concluded they are unable to proceed with the takeover and expect they will "reluctantly have to withdraw from the purchase." The news compounds a difficult period for Gateshead, who sacked manager Lee Cattermore earlier this month, have picked up just four points from 14 National League games, and experienced late wage payments in September.