NEWCASTLE United said yesterday that it aimed to raise up to £50 million pounds in the next few months when it becomes the latest English soccer club to float on the stock market.
The announcement follows a dramatic few days for the northeast English club which on Tuesday appointed Mr Kenny Dalglish as manager following the resignation of Mr Kevin Keegan.
Bankers NatWest Markets said in a statement that a new non executive chairman would be named for the holding company ahead of the spring flotation.
But it said that Sir John Hall, whose millions helped to bring stars such as England's Mr Alan Shearer, Frenchman Mr David Ginola and Colombian Mr Faustino Asprilla to Newcastle, would remain as chairman of the club.
Property magnate Sir John, whose Cameron Hall investment company owns a controlling stake in the club, now plans to devote his time to developing a centre of excellence for young players.
"It is intended that the Company will raise between 40 and 50 million pounds which will re capitalise the Company and provide a strong basis for future growth," NatWest said.
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