A statement released to the Stock Exchange on Monday morning confirmed that Belgravia are set to launch a bid for the club, and it is understood they are in talks with former chairman Sir John Hall over his 28.8% stake. His son Douglas, Shepherd's deputy, controls a further 12 per cent, and it is thought he would be happy to sell up and move on.
However, the deal could depend on Shepherd, who has increased his stake to almost 28% in recent years. He said in the summer he would be happy to step down when Newcastle win their first domestic trophy for over 50 years, hoping it would be this coming season. But suddenly he has changed his mind, and says he will scupper any plans for a takeover ... unless the offer is one he could not refuse.
Stock Exchange rules mean the acquisition of a 30% share of the club, which has a current market value of around £81million, would trigger a formal takeover bid, although it would then be up to the remaining shareholders to decide whether or not to accept.
Newcastle plc were adding little to the debate on Monday, saying only: "The club's position remains the same as it was in June when we were first informed that Sir John Hall was in talks with other parties. We communicated our position to the market in June and we have nothing further to add."