NEWCASTLE United will be de-listed from the stock exchange on July 18 after Mike Ashley last night confirmed that his stake in the club had exceeded the 75 per cent mark.

The billionaire businessman, who assumed effective control of the Magpies when current chairman Freddy Shepherd agreed to sell him his 28.01 per cent stake last week, has received the backing of enough small shareholders to take the club back into private hands.

At close of business last night, Ashley owned approximately 77.06 per cent of Newcastle's shares, and the sportswear magnate has confirmed his intention to apply to the stock exchange for a cancellation of the club's stock.

This will take almost a month to take effect but, in the meantime, Ashley will press ahead with his attempts to increase his current stake by a further 13 per cent, thereby enabling him to force any remaining shareholders to sell.

A statement by St James' Holding Limited, Ashley's investment vehicle, said: "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, both of which are expected to take effect on or around 18 July 2007.

"Furthermore, if SJHL received valid acceptance of the offer in respect of, or otherwise acquires, 90 per cent, or more of the Newcastle United shares to which the offer relates, SJHL will seek to acquire compulsorily the Newcastle United shares for which it has not received valid acceptances."

Ashley has previously outlined his intention to make Newcastle the "biggest and best" club in the country, and Sam Allardyce yesterday claimed that English football needs Newcastle United to break the current stranglehold at the top of the Premiership.

But while the Magpies manager insists that his new employers are capable of claiming a Champions League spot from the established 'Big Four', he has admitted that it will be "almost impossible" for them to do so next season.

The last two years have seen Manchester United, Chelsea, Liverpool and Arsenal exert a stranglehold over the Champions League places and, last term, eight points separated the teams in fourth and fifth position in the table.

Such predictability is hardly healthy for the English game but, after spending seven-and-a-half-years exceeding expectations at Bolton Wanderers, Allardyce suddenly finds himself presiding over one of the few clubs who can realistically hope to break into a top-four position.

The 52-year-old is confident that Newcastle are capable of returning to the Champions League, a competition they last graced in 2003. But after inheriting a side that failed to finish in the top half of the table under his predecessor Glenn Roeder, he has warned the club's supporters not to expect miracles.

"Breaking into the top four has become a very difficult task," said Allardyce, who is expected to step up his pursuit of Czech Republic international David Rozehnal this weekend after another of his leading transfer targets, Tal Ben Haim, opted to join Chelsea on Thursday. "However, if you build slowly and grow slowly, you will have an opportunity to do that.

"You can't do it instantly, even if you spend a lot of money, it doesn't guarantee anything. You have to grow the culture of the football club and we need to have the infrastructure to get us there. We have to cope with the pressure that comes with that.

"I've come here because there is absolutely no question that this club has the potential to break into the top four. It hasn't for a number of years, but I'm here to try and change that.

"We have to realise that we can achieve that, that we have the potential, but it can only be done with a little bit of patience.

"Everyone keeps talking about instant success, but Newcastle have to get away from that. We can't just expect to start on August 11 and go on to finish in the Champions League. That will be a goal, a dream to achieve, but it's almost an impossible task in my first season here."