US private investment group Flacks Group has completed its takeover of National League club Gateshead, offering a lifeline after months of financial uncertainty and poor results on the pitch. The deal, subject to approval by the Independent Football Regulator, follows a turbulent period that saw co-owner and director Mark Nellist withdraw funding at the end of September. This left the club struggling to pay players and staff salaries on time, with serious debts owed to HM Revenue & Customs.
The takeover had appeared in jeopardy after Flacks Group disclosed complications involving Shoreline Limited, a third party that had previously tried to purchase the Tyneside club. Despite these setbacks, the new owners have now secured the necessary funds, allowing Gateshead to clear wages and settle outstanding tax liabilities.
Interim chairman Graham Wood spoke about the club’s improved situation, saying, “Exciting times lie ahead as we learn of Flacks Group’s plans for the club and seek to turn a disappointing start to the season around with the appointment of a new manager.” He confirmed that staff and players have now been paid and that funds are in place to satisfy HMRC and other creditors.
Gateshead’s difficulties on the field have run parallel to their financial troubles. The team sits bottom of the National League with just four points from 15 matches, having lost their last nine league games. They are 13 points adrift of safety, with a particularly heavy 5-0 defeat to eighth-tier Stafford Rangers in the FA Cup marking a low point. Their recent 1-0 victory over Stoke City Under-21s in the National League Cup was their first win in any competition since August, ending a 19-match streak without a triumph.
The club has also been without a manager since Lee Cattermole was sacked early last month. One of the Flacks Group’s first tasks will be appointing a new boss to help reverse the slide on the pitch.
Gatehead’s average attendance this season has been just 643 at the Gateshead International Stadium. The new ownership has expressed a desire to grow support and restore enthusiasm among local fans. Wood urged the community to rally behind the club, stating, “Gateshead Football Club now has a bright future. We now look to the townspeople of Gateshead to embrace the opportunity, get behind the club and swell the numbers of our loyal fanbase.”
Later this month, Gateshead will host Barrow and Hartlepool United, matches the new owners hope will attract higher crowds and inject new energy into the club’s campaign.
The takeover by Flacks Group, specialists in acquiring distressed companies and assets, arrives at a time when Gateshead’s immediate survival had been in doubt. With the financial issues addressed and a fresh injection of investment, the club has taken a step towards stabilising its future amid a difficult National League season. The next weeks will focus on managerial appointments and efforts to rebuild both on and off the pitch.
According to Yahoo Sports.
