Gateshead to be sold to American investment group

National League club Gateshead are to be sold to an American private investment company, subject to approval by the Independent Football Regulator.

A sale agreement has been reached with Flacks Group, a firm that specialises in purchasing distressed companies and assets that was initially set up by Manchester-born billionaire Michael Flacks.

The proposed deal will ensure Gateshead's players and staff are paid immediately after wage payments for September were delayed.

The club are currently without a head coach after Lee Cattermole was sacked on Sunday, with the team bottom of the league having suffered six consecutive defeats and Ben Clark in interim charge for the trip to Halifax Town on Saturday (15:00 BST).

This is the latest episode in a difficult period for the Tyneside club. In April, US-based businessman Stephen Paylor agreed to become a co-owner alongside Mark Nellist.

However, Nellist withdrew his support for the club last month stating that he did not like the direction in which the club was heading and without that, the wages went unpaid.

"We are delighted to welcome Gateshead Football Club as the latest acquisition at Flacks Group," said Phil Forster, a spokesperson for the US company, external.

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

On the pitch, it needed a dramatic run of 31 points from 15 games to avoid relegation last season, but then boss Rob Elliot left for Carlisle United and his replacement, Cattermole, struggled for results against the turbulence off the field.

"I wish to thank the players and staff for their patience and understanding during this most stressful period," said interim chairman Graham Wood.

"We now look forward to the task of returning the club to winning ways."