National League club Gateshead have agreed a sale in principle to US investment firm Flacks Group, valued at more than £5.3billion, days after sacking former Premier League midfielder Lee Cattermole.
The Tynesiders sit bottom of the fifth tier having lost six consecutive matches and failed to pay players and staff their September wages.
Director Mark Nellist resigned and withdrew funding support before the dramatic intervention by the Florida-based company.
Flacks Group, headed by Manchester-born billionaire Michael Flacks, specialises in purchasing distressed assets and boasts a global asset value exceeding $7billion.
The deal is subject to approval by the Independent Football Regulator but will ensure overdue wages are paid immediately.
Joint-owner Stephen Paylor will remain as a minority stakeholder and described the agreement as the end of an incredibly challenging period.
Flacks Group spokesperson Phil Forster said the company looks forward to moving the club forward and realising its true potential.
The takeover draws immediate comparisons with the Wrexham revolution led by Ryan Reynolds and Rob McElhenney.
Gateshead face Halifax this weekend under interim boss and club legend Ben Clark, who previously guided the club through a similar crisis in 2019.
The argument doing the rounds in Kampala is whether a multi-billion pound injection can fix a culture that allowed wages to go unpaid in the first place.
Key facts:
- Buyer: Flacks Group (global assets $7bn+)
- Owner: Michael Flacks (£1.681bn net worth, Sunday Times Rich List #98)
- Club: Gateshead FC (National League, 24th of 24)
- Previous manager: Lee Cattermole (sacked 5 October 2026)
- Interim manager: Ben Clark
- Next fixture: vs Halifax (away)
- Regulator approval: pending Independent Football Regulator
Source: The Sun
