Gateshead Football Club can confirm that a sale agreement has been reached in principle with American based private investment company, Flacks Group, subject to Independent Football Regulator approval.

Flacks Group, is a private family office, specialising in the acquisition and operational turnaround of medium to large-sized businesses in complex situations, where a rapid solution is critical. Michael Flacks was born in Manchester, England, and Flacks Group started in 1983.

Stephen Paylor, of Gateshead Football Club, said: “I am thrilled to be able to announce an agreement in principle with the American based and globally active Flacks Group, who has a global asset value exceeding $7 billion.

“Player and staff wages will be paid immediately and bring to an end what has been an incredibly challenging period over the past 10 days. I wanted to give my personal thanks to Michael Flacks, Phil Forster and the wider Flacks team for acting quickly and in the best interests of a club that for me and many others represents much more than just a football club.”

Phil Forster, spokesperson for Flacks Group, added: “We are delighted to welcome Gateshead Football Club as the latest acquisition at Flacks Group.

“Gateshead FC has a tremendous history and we look forward to moving the club forward and to see it realise its true potential.”

Graham Wood, Interim Chairman of Gateshead Football Club, said: “I share Stephen’s pleasure in announcing this agreement and thank Phil and his colleagues at Flacks Group for their belief in the future of the club.

“I also wish to thank the players and staff for their patience and understanding during this most stressful period. We now look forward to the task of returning the club to winning ways.”