Newcastle's new regime have taken over, and Freddy is to suffer for the add-on clauses in small print in contracts that will dog him for the rest of his term at the club.
Shepherd Joins The Tea Lady At St James' Park
United are powerless to prevent Michael Owen or Obafemi Martins (right) from leaving Toon in the event of a big-money offer for either player.
Martins can go for a bid of £13 million, while Owen is currently available for just over £9 million.
BUT ... Shepherd's own contract includes (allegedly) a clause saying he can still pick up his million pound wages for two years after he sells his shares, something he did last month. And those THREE contracts have not only got under the skin of new boss Mike Ashley, but embarrassed the club, and all three were drawn up by Mr Shepherd.
The contracts for the players have seriously upset new manager Sam Allardyce and his long-term planning at St James's Park. As for Shepherd himself, he is being paid his wages sure enough, but him input is being reduced to something like boiling the kettle.
Deputy chairman Chris Mort has vowedthese 'Shepherd style contracts' will no longer be allowed at Newcastle.
Chris Mort: "The guys who brought these players in felt they did what they had to do to get them through the door, so I'm not going to criticise that. But clearly, going forward, we would prefer not to have those kind of provisions.
"But we still aim to have some top players here, as the club always has had."
Asked if he was willing to say no to Allardyce, Mort added: "Yes, absolutely. If I want to do my job properly.
"I'm not going to come in in any confrontational way, but Sam and I are going to work together.
"Mike and Sam have met, but I think the relationship will be more through me than them directly.
"Sam's clearly going to lead the charge on who the player targets are. He has the skills to do that.
"And he has to be given time. I think one of the difficulties the club has had is it's lost some stability over the years. If we can give him some stability, I think that would help him to take the club forward.
"Sam is a big enough name to do that."