Freddy Shepherd has always said he would sell his 29.8% stake in Newcastle United only if the right bid came along and it was good for the club.
He expanded by saying if a Geordie Abramovich came along he would sell – which was a reference to someone who was rich and able to pump big money into the club..
While Mike Ashley is not a Geordie â€“ at least heâ€™s an Englishman and worth close to â‚¤2B – and he has offered good money for the club. That offer will realize Shepherd a $30M profit on his investment and has already given John Hall close to a $50M profit on his Newcastle venture â€“ started back in 1992.
Shepherdâ€™s initial reaction is one of defiance – which has disappointed us greatly – here’s why.
Freddy Shepherd – “There Goes My Club”
From what we can gauge on this site the Newcastle fans are all for this deal â€“ since it will allow Newcastle to challenge the top four clubs in the league – because big money will be pumped into the club – certainly as much as Big Sam ever dreamed of.
Freddy Shepherd needs to understand this – because arenâ€™t the fans the most important aspect of the club.
Mike Ashley has never borrowed money to build any of his companies and he has already paid the Hall family in cash for their shares. Since half his fortune is in cash, there would be no problems like those associated with the buyouts of Manchester United and Liverpool – and there would be ample money to invest in the transfer market.
To reiterate more fully where Freddy Shepherd is coming from â€“ here is his statement of yesterday:
“There is nothing Mike Ashley can do with this club unless he gets a 75% stake.
“He can’t take full control, he can’t change resolutions or the club’s articles of association.
“He has spent Â£50m but he will have to spend a whole lot more, as he must now make an offer not just for my shares but the shares held by all the other shareholders.”
In Shepherdâ€™s statement above â€“ nowhere is there anything related to whether it’s good for the club or the fans.
By his own admission – isn’t that what he will base his selling decision on â€“ so why isn’t it at least mentioned?It wasnâ€™t mentioned yesterday because Freddy is well aware the deal is good for the club, the city, the area â€“ and most of all – it’s great for the fans.
What does come across plainly – is that he wants more money for his shares – and as we mentioned in an earlier piece today – that’s being greedy.
Freddy Shepherd â€“ youâ€™re time is up â€“ itâ€™s time to let go of Newcastle â€“ and let somebody else come in – who has the good will of the club at heart – and has the means to take it to the next level â€“ because you donâ€™t.
Comments on this article are welcome.