However ... if you think you've seen the last of Freddy ... think again! The deal was only done on condition he stays as chairman.Shepherd Gets Best Of Both Worlds
However ... if you think you've seen the last of Freddy ... think again! The deal was only done on condition he stays as chairman.The latest acquisition will give Ashley a stake of almost 70% in the club and edge him to within touching distance of the 75% threshold at which he would effectively assume control and make a £133.1million total buy-out almost inevitable.
St James Holdings Limited (SJHL), the company set up by the Sports Direct international founder to stage a takeover bid, announced the development to the Stock Exchange as it opened for business this morning.
A statement said: "SJHL has received irrevocable undertakings from Shepherd Offshore Limited, a company connected with William Frederick Shepherd and Bruce Stewart Shepherd, and Timothy Revill, the independent non-executive director of Newcastle United, to accept the Offer in respect of a total of 37,288,959 Newcastle United shares representing, in aggregate, approximately 28.0% of the existing issued share capital of Newcastle United."
Shepherd: "The time since Newcastle's flotation in 1997 has seen a radical transformation in the club and its fortunes, with the club now being one of the 20 wealthiest clubs in Europe with one of the finest stadiums in European football, a Premier League participant and a regular participant in European UEFA competitions with a fantastic fan base.
"The offer from SJHL is at a level which fully reflects both the performance of Newcastle and its prospects and ambitions for the future.
"The board believes that SJHL and Mike Ashley will be excellent custodians of Newcastle United's heritage and will provide the best possible opportunity for the club to flourish in the future, to the benefit of the company and its fans."
It is no secret Mike Ashley wants former Arsenal vice-chairman David Dein to step into Shepherd's shoes. And when he gains full control of the club many feel the deal could be struck. Shepherd has written a clause in his contract saying he (and Douglas Hall) will still be paid full wages for TWO YEARS after they sell their shares. Obviously Ashley is making Freddy work for it.
Dein is the man who took Arsene Wenger to Arsenal in 1996 and he has spent 24 years with the Gunners.
As well as establishing Arsenal as a formidable force on the pitch, he became vice-chairman of the FA, before representing the Premier League on the FA board.
However, if Dein was to take charge of Newcastle, it would place a further question mark against the future of new United boss Sam Allardyce.
During his days at Bolton, Allardyce was fiercely critical of Dein's influence within football.