Gateshead confirm takeover by foreign investor

The National League and the FA have ratified the takeover of Gateshead by Hong Kong businessman Dr Ranjan Verghese signalling a new era for the club.
The completion of the takeover sees owners Richard and Julie Bennett step aside after putting the club up for sale towards the end of last season, with Verghese announced as chairman of the Heed with immediate effect.
Verghese's business links lie in ship building and metals, providing the capital that will allow manager Steve Watson to activate his transfer plans after the previous owners slashed the budget to safeguard the future of the club.
A a club statement confirming the takeover, Richard Bennett said: “Both Julie and myself are delighted to have completed a deal ahead of the forthcoming season, the acquisition of the club by Dr Varghese is fantastic news for everyone and comes at just the right time.
“The transfer has taken a while to complete but it has been worth the effort, gaining both National League and FA approval ahead of the acquisition has meant Dr Varghese can now press on with his team and implement their business plan.
“We would like to thank everyone associated with the club, staff, volunteers and of course the supporters for all of their help and support over the last three years, we've had a great time at Gateshead and only wish we had been able to bring more success for everyone.
“We would like to wish everyone at the club all the best for the future.”
The club was placed in a degree of uncertainty in the final three weeks of the season as the club's custodians voiced their reluctance to inject additional money to the £3million they already had.
Despite the frustration of a takeover in May falling through due to the prospective buyer failing National League ownership criteria, club fears were eased when Steve Watson extended his short-term contract with a new one-year deal in June.
Under the three-year tenure of the Bennetts, the Heed finished 9th, 8th and most recently 17th in the National League.
They open the 2018-19 season with a trip to Maidenhead United on August 4.