Mike Ashley is on the verge of assuming complete control of
Newcastle United after Freddy Shepherd yesterday agreed to sell his
stake in the club to the billionaire retailer. Newcastle's chairman
is expected to make a statement to the Stock Exchange this morning,
announcing his decision to cede power by accepting Ashley's
£37,279,000 offer for his 28.06% stake in the club.
But this does not spell the end of Shepherd's influence at St
James' Park. It is understood he will continue to serve as
Newcastle's salaried chairman, leaving the reclusive Ashley to
adopt a lower-profile, behind-the-scenes role. Ashley - who two
weeks ago bought the Hall family's 41.6% holding in Newcastle for
£55m before launching a £133.1m takeover bid - was initially
regarded by Shepherd with hostility but the pair have swiftly
reached a rapprochement.
Discussions about Shepherd's continuing role began when Ashley met
him for the first time last week, visiting the chairman in hospital
where he was seriously ill with pneumonia and a collapsed lung.
Further talks have taken place this week at Shepherd's Tyneside
home with Kenneth, Shepherd's son who is heavily involved in the
club, playing a key part in negotiations.
It is unclear how long Shepherd, who will be joined by some of
Ashley's "people" at St James' Park, will remain as chairman but in
pragmatic terms the deal makes sense. The terms of the chairman's
contract entitle Shepherd to two years' salary and benefits payable
as a lump sum in the event of the club being taken over and a new
chairman appointed.
On Tuesday Ashley, Britain's 25th richest man, visited Newcastle's
training ground for the first time and met Sam Allardyce, the
club's manager, and the midfielder Joey Barton, who had agreed to
sign from Manchester City for £5.5m. Barton's transfer paved the
way for the completion of Scott Parker's £7m switch from Newcastle
to West Ham United yesterday and Allardyce's staff were preparing
to meet Mark Viduka. The Middlesbrough striker has given Newcastle
a verbal assurance he will sign for them when he returns from
holiday this morning and a three-year contract awaits the
31-year-old at St James' Park.
Better days for Newcastle?
