Shepherd set to sell up

[Ketsbaia 0]

http://icnewcastle.icnetwork.co.uk/chronic...-name_page.html

 

Freddy Shepherd is selling his Newcastle United shares to Mike Ashley.

 

The Toon chairman is expected to make an announcement to the Stock Exchange in the next 24 hours, handing control of the club to billionaire Mr Ashley.

 

Mr Shepherd will accept Mr Ashley's £37,279,000 offer for his 28.06% stake in the St James' Park club.

 

And the Chronicle understands the board will be kept on, with Mr Shepherd staying in his current role as a paid chairman.

 

Mr Ashley was on Tyneside again yesterday to visit the training ground and meet Freddy's son Kenneth and brother Bruce, as well as meeting new manager Sam Allardyce for the first time.

 

And while the £5.5m signing of Joey Barton was completed, Mr Ashley is believed to have thrashed out a deal with the board to buy Mr Shepherd's shares.

 

Mike Ashley will take on a behind-the-scenes role similar to Roman Abramovich at Chelsea.

 

A city source close to the deal said: "Freddy Shepherd is staying on as chairman.

 

"Both sides are working through the final stages of the deal.

 

"They are ironing out the finer points and an announcement could be expected as early as tomorrow."

 

The sale means sports mogul Mr Ashley will now own nearly 70% of United, just 5% away from having complete control of the club.

 

Two weeks ago he snapped up the Hall family's 41.6% stake for £55.3m and immediately launched a £133.1m takeover bid for the club.

 

He is preparing a document to be sent to all shareholders offering 100p per share. The document is believed to be nearly ready and will be sent out this week.

 

If he were to get as many as 90% of the shares, he could de-list the company from the Stock Exchange making the company no longer a plc.

 

Mr Ashley, who founded the Sports Direct retail group, is Britain's 25th richest man with a personal fortune of £1.9bn.

 

It was a busy day for the sports mogul yesterday as he also sold his 3% stake in the German sports brand Adidas.

 

And he proved he has a sharp eye for a good deal, making a £29m profit on the Adidas shares he had only owned for eight weeks.

 

I'll take that

[Gemmill 44996]

http://icnewcastle.icnetwork.co.uk/chronic...-name_page.html

[Ketsbaia 0]

http://www.toontastic.net/forum/index.php?showtopic=14045

[Gemmill 44996]

Do you go to the games though? :lol:

[Dr Gloom 21965]

leazes is seething

[Barney 0]

Eh, wow.

 

Suprised he gets to stay on. I was kind of hoping for a clean break for fatso, but maybe Ashley decided that Freddy knows how a club runs day-to-day.

[Sima 0]

Nothing changes then?

 

Super.

[The Fish 10876]

why is he staying on as chairman though? that's shit.

[Smooth Operator 10]

It was a busy day for the sports mogul yesterday as he also sold his 3% stake in the German sports brand Adidas.

 

And he proved he has a sharp eye for a good deal, making a £29m profit on the Adidas shares he had only owned for eight weeks

 

Fuck me!

[Gemmill 44996]

Nothing changes then?

 

Super.

 

There'll be plenty change - Shepherd is no longer the man calling the shots for starters. Day to day he'll oversee the running of the club but the big decisions will no longer be in his hands. Which is basically what we've all been hoping for.

[Ketsbaia 0]

Nothing changes then?

 

Super.

 

There'll be plenty change - Shepherd is no longer the man calling the shots for starters. Day to day he'll oversee the running of the club but the big decisions will no longer be in his hands. Which is basically what we've all been hoping for.

 

What he said. Wont this also exercise the two year clause in Freddy's contract meaning after that, unless Ashley wants to keep him on he's out on his arse with no payment from the club?

[tinofbeans 91]

figurehead only, that'll suit him down to the ground.

 

just please don't get the press to quote him.... as he is very cringeworthy.

[Sima 0]

Shepherd just has more money to make his trophy signings tbh.

 

These were the only terms Shepherd would sell on and Ashley agreed. So weak.

[The Fish 10876]

But the thing is Scott, I don't want him running the day to day business either. I mean... what counts as day to day? transfers? press release (cringe), wages? Hiring and firing staff?

 

what counts as big stuff?

[Gemmill 44996]

Sima on the wind-up.

[Gemmill 44996]

But the thing is Scott, I don't want him running the day to day business either. I mean... what counts as day to day? transfers? press release (cringe), wages? Hiring and firing staff?

 

what counts as big stuff?

 

The overall strategy of the club will be decided by the bloke who owns it in conjunction with his advisors and maybe a chief exec or something. Freddy will be there to interact with other Premier League chairmen, negotiate and finalise transfers, all that stuff that he's actually been pretty good at. Where he's been completely lacking is having an overall vision for the club, which is no longer going to be his job.

 

As much as we think Shepherd is incompetent, he has a ton of experience of running a football club. He just lacks the wherewithall to give it some direction. Now he doesn't need to worry about that. See what I mean?

[Sima 0]

Eh? Shepherd laughing all the way to the bank and due to Ashley's reclusive state still gets to make his cretinous statements.

[Ketsbaia 0]

The main thing is he can be sacked. I doubt it'll be a permanant thing either, give it a year or two tops before he's given the boot by Ashley.

[Guest alex]

It's a compromise, it happens. Quite happy with it tbh. Shepherd's cringworthy PR gaffes aren't his biggest problem by any means.

[Gemmill 44996]

Eh? Shepherd laughing all the way to the bank and due to Ashley's reclusive state still gets to make his cretinous statements.

 

His statements have been the least of our concerns tbh. It's his major decisions that have caused us grief. He's not the head honcho any more. He answers to a boss.

[The Fish 10876]

Yeah I know what you're getting at, but I don't really rate his negotiating or finalising transfers, nor his ability to liaise with other chairman.

 

I remember him slagging off lower league clubs and pissing off the FA, I also remember his frivilous spending in the transfer market.

 

I know that Managers identify targets, but some of the clauses and fees are fucking insane..

 

Boumsong?

[walkinthedog 0]

Shepherd just has more money to make his trophy signings tbh.

 

These were the only terms Shepherd would sell on and Ashley agreed. So weak.

 

 

Cobblers man. Shrewd business. Once Ashley fully owns the club he can get shot of Freddie if required, so what if he has to buy out a contract? The man's a billionairre.

 

Do you think weakness get's you £2 billion?

 

Brilliant news I reckon. The end of the beginning.

 

[Scottish Mag 3]

Shepherd just has more money to make his trophy signings tbh.

 

These were the only terms Shepherd would sell on and Ashley agreed. So weak.

 

 

Cobblers man. Shrewd business. Once Ashley fully owns the club he can get shot of Freddie if required, so what if he has to buy out a contract? The man's a billionairre.

 

Do you think weakness get's you £2 billion?

 

Brilliant news I reckon. The end of the beginning.

 

 

[Sima 0]

The main thing is he can be sacked. I doubt it'll be a permanant thing either, give it a year or two tops before he's given the boot by Ashley.

 

Think it was Gemmill that suggested Shepherd's posistion as chairman could hold as much water as Bates' did before Buck was shipped in.

 

I'll be happy with that. But until he fucks off I can't see us completely moving on. Saying that though. we have just changed the manager and an immediate change of chairman could come too soon.

 

Around 3.20pm will do me.

[Isegrim 9803]

I don't have a problem fit Shepherd staying on as a chairman as long as the whole board is getting a new setup and a chief executive is installed as well. Shepherd hasn't done a bad job business wise, I just don't trust him when it comes to handling the football side as well.