Shepherd ready to sell (From The Northern Echo)

Shepherd ready to sell

1:50pm Wednesday 6th June 2007 in

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FREDDY Shepherd is expected to sell his 28 per cent stake in Newcastle United to Mike Ashley within the next 24 hours.

But rather than fading into the background at St James' Park, Shepherd is expected to remain in his current role as a paid chairman.

Shepherd will receive more than £37m for his stake in the Magpies, with his decision to sell effectively handing sole control of the club to Ashley.

The billionaire businessman will still offer the club's remaining shareholders £1-a-share in an attempt to cross the 90 per cent ownership threshold that will enable him to take the club off the stock market and back into private hands.

* Read more Newcastle United news in tomorrow's Northern Echo