Despite lengthy negotiations with the Newcastle board, both sides had been unable to agree a price. Sir John Hall said after the Aston Villa match earlier in the season that he was prepared to sell his shares, but chairman Freddy Shepherd again insists he will only go if he gets a massive pay-off.
Stock Exchange statement: "Further to the announcement made by Belgravia on August 21 that it was examining the potential opportunity of acquiring Newcastle, Belgravia today announces it no longer intends to make an offer for Newcastle.
"Despite lengthy and protracted negotiations, Belgravia has been unable to agree a price and transaction structure, which it feels would have been in the best interests of those involved, as well as being in the best interests of the football club and its supporters.
"Belgravia reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Newcastle and/or take any other action which would otherwise be restricted under rule 2.8 of the City code within the next six months, in the event that an agreement or recommendation from the board of Newcastle is forthcoming or there is an announcement by a third party of an offer or there is a material change in circumstances."
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