Mike Ashley has taken control of Newcastle United after he increased his stake to 77.06 per cent.

Billionaire Ashley completed his buy-out of chairman Freddy Shepherd's 28.01 per cent shareholding yesterday and will now press ahead with plans to de-list the club from the Stock Exchange.

A statement from Ashley's investment vehicle, St James Holdings Limited, on the club's official website: "SJHL now intends to procure the making of an application by Newcastle United to the London Stock Exchange for the cancellation of trading of Newcastle United shares and to the UKLA [UK Listing Association] for the cancellation of Newcastle's listing."

This is expected to take effect on July 18.

On reaching the 90% mark, the statement added SJHL planned to "acquire compulsorily" the remainder of the shares if necessary.