He says his family has seen how the job has just about destroyed Mike Ashley's reputation and they don't want him involved again.
The former Magpies chief left St James' Park in the summer of 2007, but has seen the club come off the rails since his departure.
Shepherd: "My family have asked me not to get involved.
"It's sad, really sad.
"Nobody should take any delight whatsoever in what is happening, least of all me.
"Myself and Sir John Hall took the club on in 1991 and took it forward, with promotion, a new stadium and a new training ground.
"So it's so, so sad to see it in such a plight."