National League club Gateshead have agreed a deal to be sold to a private American company worth more than £5.3billion.The north east outfit are rock bottom of the fifth tier after six defeats in a row, and sacked former Premier League midfielder Lee Cattermole on Sunday after less than four months in charge.Gateshead look set for a huge upturn in fortunesGettyThis came amid the club facing huge uncertainty after director Mark Nellist resigned and withdrew his funding support just days before Cattermole’s exit.But Gateshead now look set for a transformation of their fortunes, with a huge takeover seemingly on the cards.On Friday the club announced they had agreed a sale in principle to US-based private investment firm, Flacks Group, subject to approval by the Independent Football Regulator.The firm specialises in purchasing distressed companies and assets that were initially set up by Manchester-born billionaire Michael Flacks.Based in Florida, Flacks also work in cities including Miami, New York, Tokyo and Paris, and billionaire Flacks alone is worth an estimated £1.681bn.The English businessman ranked 98th in the 2026 Sunday Times Rich List, and his potential involvement at Gateshead could have fans dreaming of a similar journey to Hollywood-owned Wrexham.The proposed deal will ensure Gateshead’s players and staff are paid immediately after wage payments for September were delayed.It promises to bring an end to months of uncertainty after US-based businessman Stephen Paylor agreed to become co-owner alongside Nellist.However, Nellist withdrew his support for the club in September stating that he did not like the direction in which the club was heading – a decision which in turn saw wages go unpaid.Gateshead announce takeover dealAnnouncing Gateshead’s new investment, Paylor said: “I am thrilled to be able to announce an agreement in principle with the American-based and globally active Flacks Group, which has a global asset value exceeding $7billion.”Lee Cattermole won just one of his 12 league matches in charge of Gateshead and left the club days before the huge investment newsGettyPaylor also confirmed that wages would be paid immediately to spell the end of an ‘incredibly challenging period’.He added: “Player and staff wages will be paid immediately and bring to an end what has been an incredibly challenging period over the past 10 days.“I wanted to give my personal thanks to Michael Flacks, Phil Forster and the wider Flacks team for acting quickly and in the best interests of a club that for me and many others represents much more than a football club.”Meanwhile Forster – a spokesperson for Flacks Group – told the club: “We are delighted to welcome Gateshead Football Club as the latest acquisition at Flacks Group.“Gateshead FC has a tremendous history and we look forward to moving the club forward and to see it realise its true potential.”With a new beginning on the horizon, Gateshead’s prospective owners will be keeping a close eye on the club’s first game since the announcement of their investment.Hartlepool finished 18th in the National League last termGettyThe Tynesiders take on Halifax under interim and club legend Ben Clark, who managed the club through a similar crisis in 2019.Gateshead pulled off a great escape last season, as they scooped 31 points from 15 games to avoid National League relegation, only for then boss Rob Elliot to leave for Carlisle United.In his place, former Sunderland stalwart Cattermole was appointed in his first senior managerial role.But his first foray into the dugout was short-lived, as he lasted just four months after winning just one of his 12 league games in charge.