Shepherd Linked To £60m Newcastle Bid

Former Newcastle chairman Freddy Shepherd is heading a consortium that is set to launch a £60m takeover bid for the newly relegated club, according to media reports.

Current Owner Mike Ashley was asking for £100m but it is believed that Shepherd’s offer is likely to be accepted following Newcastle’s fall out of the Premier League into the Coca-Cola Championship.

Shepherd sold his Newcastle shares to current owner Mike Ashley two years ago as part of a £134m deal for the club.

Ashley’s total investment in the club is estimated at £244m, which includes paying off debts and buying new players. When Ashley first put the club up for sale last September, he hoped to get around £300m.

Several other groups, including investors from Singapore, Oman and South Africa, have also shown interest in buying the club.

The man in charge of the sale, Keith Harris, the chairman of brokers Seymour Pierce, has said he expected a deal to be concluded by the end of this month.