I'm not saying Shepherd was NOT a Newcastle fan, but I don't think I am wide of the mark suggesting his interests as chairman were for profit for his own pocket.
Shepherd had nowhere near the fortune of Sir John Hall when he joined the board, and if the previous chairman - George Forbes - was once described as "barely a millionaire", Freddie was not that far ahead of him.
But Freddie sold his shares for £23m and there is no doubting Newcastle United did more for him than he did for Newcastle United.
When it comes to money, new owner Mike Ashley could buy Sunderland Football Club just to dump his rubbish.
Yet on Saturday Ashley left his top of the range Bentley at St James' Park and the billionaire travelled with 10 other Newcastle fans in a second-hand minibus to the Stadium of Light.
He moved into football by buying Newcastle in June and the London media travelled to Hertfordshire to try and dig the dirt on their resident. No one had a bad word to say about him ... mainly because no one knew him!
Ashley - I Am At Home With The Geordies!
Ashley, who made his £1.9bn fortune from a sports goods empire, has taken his desire for anonymity to extremes.
He has only given one newspaper interview yet he is 25th in the Sunday Times rich list for Britain.
He has only given one newspaper interview yet he is 25th in the Sunday Times rich list for Britain.
But the Geordie culture has changed him for good, and there he was ... flashing his belly with Toon fans ... in arguably the most intimidating stadium for Newcastle fans to visit.
Was he worried? Bollocks!
Ashley: "I bought this club to become part of its passion and it's worked.
"I feel at home here. I love the place, the club and especially the fans.
"Who wouldn't? I want to have fun and win some trophies."
"I feel at home here. I love the place, the club and especially the fans.
"Who wouldn't? I want to have fun and win some trophies."
We said five years ago "we will win nothing as long as Freddie Shepherd is chairman of this club!"
Put us on record as saying "we will lift silverware with Ashley ... and he will be on the pitch lifting it along with the players ... wearing his Toon shirt!"