Newcastle fans trying to raise funds to buy club

Published Nov. 10, 2009 4:30 p.m. ET

foxsports

A Newcastle fan group is trying to raise funds from supporters to buy the northeast England club from unpopular owner Mike Ashley.

Newcastle United Supporters Trust says it is mailing 40,000 fans to ask them for contributions and has formulated "a buyout structure led by local firms and renowned names in the financial world."

Without other finance, the trust would require each fan to contribute 2,000 pounds ($3,339) to meet Ashley's 80 million pound ($134 million) valuation.

Ashley took the League Championship club off the market last month after failing to get the reduced price for a club he bought for 134 million pounds (then $268 million) two years ago while it was still in the Premier League.