Ashley Locks Horns With Shepherd

Last updated : 31 May 2007 By Footy Mad - Editor

Ashley bought a 41.6% stake in the club from Sir John Hall's family, to determine his intentions for the club.

Under stock exchange rules, he was required to submit a formal takeover bid and today's announcement appears to have taken his St James' Holdings Limited group close to that goal.

A statement fromNUFC: "Further to the announcement by Newcastle United PLC on 25 May 2007, the board of Newcastle United announces that there was a meeting with Mike Ashley and his team earlier on Thursday at which there was a useful and constructive discussion.

"The board will now consider its response to the offer from St James Holdings Limited.

"A further announcement will be made in due course."

However chairman Freddy Shepherd, who holds a stake of around 29.8%, will be key to his hopes of acquiring the 75% he would need to make full control almost inevitable.

The publicity-shy Ashley's investment has prompted hopes on the part of the fans that he could be prepared to pour more of his estimated £1.9billion fortune into strengthening on the pitch.