Gateshead FC have agreed a deal in principle for US-based private investment firm Flacks Group to take over the National League club. The transaction remains subject to official regulatory approval from the Independent Football Regulator.
Who is Michael Flacks?
Michael Flacks, chairman of Flacks Group, is a Manchester-born billionaire who founded the firm in 1983 as a private family office. The company operates internationally across major cities including Miami, New York, Tokyo, and Paris, managing assets exceeding $7 billion.
Flacks Group specialises in acquiring medium- to large-scale businesses navigating complex operational or financial crises, focusing on rapid-turnaround solutions to stabilise organisations in urgent need of assistance.
Net worth and financial expansion
Flacks appeared on the Sunday Times rich list in 2026, which estimated his net worth at £1.681 billion and ranked him 98th in the country. His rise in net worth followed a period of expansion at Flacks Group, with the portfolio growing from approximately $3 billion in 2024 to more than $7 billion today.
Resolution of the wage crisis
Gateshead players and staff were left unpaid at the end of September following the sudden departure of key backer Mark Nellist. Under the new agreement, Flacks Group will immediately inject funds to cover all outstanding wages.
Gateshead currently sit at the bottom of the National League table after securing just four points from their first 12 matches. The club recently sacked manager Lee Cattermole following an explosive interview during the height of the financial turmoil.
Reaction and interim leadership
Minority shareholder Stephen Paylor expressed major relief over the agreement, calling the past ten days an exceptionally challenging period for the club. He publicly thanked Michael Flacks and his team for acting swiftly to secure the team's immediate future.
Former player and club legend Ben Clark has stepped in as caretaker manager to guide the team through this transition. Having managed Gateshead through a similar existential crisis in 2019, Clark is drawing on his past experience to maintain team morale. His immediate focus is preparing the squad for an upcoming fixture against FC Halifax Town while managing a bloated 30-man roster. He plans to work alongside the chairman and new ownership to streamline the squad size and bring in support staff.
