Newcastle majority shareholder Mike Ashley has promised to invest money in the team - once he has carried out a "thorough strategic review" of how the club is run.

The sports retail billionaire is closing in on a takeover of the club after acquiring almost 70% of shares and the future of current chairman Freddy Shepherd is set to be considered as part of the review set up by Ashley´s St James´ Holdings Ltd company, with the new man promising to strengthen the team.

In a formal offer sent to shareholders and obtained by the Daily Telegraph, Ashley said: "We have funds to make available, through SJHL, for investment. However, before finalising the amount we are willing to invest, we want to undertake a thorough strategic review, including existing infrastructure, contractual arrangements, playing staff and financial position."

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