THE board of Newcastle United has announced it is to consider an offer from Mike Ashley following discussions with the billionaire businessman today.

The board met Ashley, who recently bought a 41.6 per cent stake in the club from Sir John Hall's family, to determine his intentions for the club.

Under stock exchange rules, he was required to submit a formal takeover bid and today's announcement appears to have taken his St James Holdings Limited group close to that goal.

"Further to the announcement by Newcastle United PLC on 25 May 2007, the board of Newcastle United announces that there was a meeting with Mike Ashley and his team earlier today at which there was a useful and constructive discussion," a board statement said.

"The board will now consider its response to the offer from St James Holdings Limited.

A further announcement will be made in due course."

Full story in tomorrow's Northern Echo