Shepherd Says Ashley Claims Are 'Absolutely Ridiculous'!

"The only reason he had to pay a large portion of the debt was the cost of the stadium. But if you look at today's prices, it was a great deal to build and expand St James's Park when we did.

"When he took over, what he didn't realise was that he had to pay off the mortgage (on the stadium). If the Halls lost control, the money had to be repaid immediately. I think he had to pay around £57m. The debt was basically securitisation on the land. And what a great deal it was when you think about it. To build that stadium now would cost £450m.

"It's not unusual for payment terms to stretch to the length of a contract.

"Yes, I'd agree the club are still paying off the tail-end of Owen's deal and possibly one or two others but we were not the first club that's done that.

"I've kept quiet while a lot's been said and written about our regime. But the Halls and the Shepherds will stand by our record.

"We left all the tools there and a good set of players. They weren't the greatest in the world but a lot of very good ones. We have got nothing to be ashamed of."