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? 