And the former chairman faces a Toon Army revolt over his £60m bid to return to Newcastle.
The fact is Shepherd is struggling to find the dosh to buy the club ... even at £60m ... so what transfer kitty could Alan Shearer expect?
Shepherd is in advanced talks to take control at St James’s Park for a second time – two years after he was bought out by Mike Ashley – and would make Alan Shearer boss.
But St James’s Park regulars accuse Shepherd of sparking Toon’s downward spiral from the Champions League into the Championship by sacking Sir Bobby Robson in 2004.
Ashley is desperate to end his nightmare stint in charge and is expected to drop his £100m asking price to do business.
* TYNE TUNNEL DETOUR FOR GEORDIES HEADING TO FESTIVAL
FAMILIES wanting to attend a huge seaside festival face a potentially huge detour because the Tyne Tunnel will be closed.
More than 150,000 are expected at the annual Mouth of the Tyne festival - with events in both Tynemouth and South Shields.
But anyone wanting to cross between the two by car faces a mammoth diversion via the A1.
And to make matters worse, a stretch of the A19 north of Silverlink will be closed while the Castle Park Bridge, near Killingworth, is demolished.
The Mouth of the Tyne event, held in Tynemouth and South Shields, features street entertainment, live music, special one-off performances, fireworks displays and street parades.
This year the festival, organised jointly by North and South Tyneside Councils, is taking place on July 11 and 12.
But the tunnel, a vital road link for drivers crossing the river, will be closed during the same weekend to allow construction work on the second tunnel project.
Bridges are to be built at the southern end as part of the scheme and building work will see heavy concrete beams lowered into place on the pillars, making it unsafe for traffic.
People are being urged to drive over the Tyne Bridge or A1 motorway as a diversion or use public transport. The Shields Ferry will be running and free shuttle buses will be put on. The cycle and pedestrian tunnels are to remain open all weekend.
A dad-of-three, of South Shields, told the Chronicle: “With three young children, two of them toddlers, it is not convenient for us to hop on the ferry and use buses. I have to carry bags with necessities for the kids, such as nappies and bottles.
“The alternative is to drive all the way to Gateshead, cross the Tyne Bridge and drive to Tynemouth, which increases the journey time greatly.
“I don’t have a problem with the tunnel being closed because the work is important. But it should have been during a different weekend.”
Bosses at TT2, the Tyne Tunnel operator, say the festival weekend was the best option to avoid clashing with major roadworks due to take place on the A1 in July.
Managing director Trevor Jackson said: “It is regrettable we have to close the vehicle tunnel over the same weekend as the Mouth of the Tyne festival. But we hope that by getting the message out to visitors early enough and by working with the festival organisers to minimise impacts, the event will be just as successful as expected.
“We apologise for any inconvenience caused by this unavoidable closure and hope all visitors to the Mouth of the Tyne Festival enjoy an excellent weekend.”
John Sheerin, Highways Agency project manager, said the demolition of Castle Park Bridge was also essential and that work would be finished before Christmas.
A spokesman for North Tyneside Council urged people to use public transport and said disruption would be kept to a minimum.
He said: “The Mouth of the Tyne festival attracts around 150,000 people and happens simultaneously on both sides of the River Tyne.
“This means visitors can see a similar programme of events on each side of the river without using the tunnel.
“We have done everything we can as event organisers to minimise any impact and ensure the public are aware of arrangements.”