How Freddy Shepherd Ripped Off Newcastle United


There were reports in yesterday’s papers about just how poorly, and unprofessionally, Freddy Shepherd ran the financial side of the Newcastle United club when he was in charge as Chairman over the last 10 years.

freddy-shepherd-3.jpg

Freddy Shepherd – laughing all the way to the bank

Newcastle paid former manager Glenn Roeder £1.1M when he left the club in May, despite claiming at the time that Glenn had resigned. He was obviously given the chance to resign and told if he did they would give him £1.1M in compensation. That was after he had done such a poor job last season when Newcastle finished with their lowest ever points total in the Premier league of 43 points.

That all time low Premier league points total will be beaten this season.

That was just one of the revelations let out last night when Newcastle chairman Chris Mort opened up the Newcastle books on some of the dodgy transactions that took place at the club during Shepherd’s tenure at the club.

Former deputy chairman Douglas Hall was given a £1.17M payment for being dismissed. That was after years of taking the club to the cleaners – so there’s nothing like ensuring you get a good payment for all the bad work you’ve done at the club. Don’t forget both these clowns were caught in Spain talking about how they ripped off Newcastle fans with the shirt sales, and calling the beautiful woman of Newcastle “dogs”.

While Shepherd was dismissed form his position as Chairman at that time, he was allowed to wiggle his way back about 9 months later. The truth is he should have been banned and never allowed back into the then cozy world inside Newcastle United.

Newcastle United also lost £5M in a failed casino scheme that never came off, and new owner Mike Ashley has had to clear out the £75M of debt that was on the books when Ashley bought the club in June.

New owner Mike Ashley was also forced to come up with £45M in loans under the contract signed by former chairman Freddy Shepherd. Freddy wrote up his own contract that said he had to be paid for his Newcastle shares within 60 days of him leaving the club. Nice little contract right there – for himself.

Freddy left Newcastle United in a terrible financial shape – let’s be very clear about that. But it looks like Mike Ashley with the big help of Chris Mort had put Newcastle’s financial house in order.

Freddy may know how to run a Scrap Metal business but he is hardly a well educated businessman capable of running a football club – and he proved it at Newcastle.

Newcastle made a loss of £32.9M in 2007 and have one of the highest wage bills in the Premier League, which currently stands at £62.5M. That’s another part of the legacy Freddy has left the club with.

At least we’re in good financial hands now with Chris Mort – all we have to do now is avoid relegation. 😀

Comments welcome.



You can share this articleShare on FacebookShare on Google+Tweet about this on TwitterEmail this to someonePin on PinterestDigg thisShare on LinkedInShare on RedditShare on Tumblr

16 comments so far

  • Hammy

    Mar 3, 2008 at 11:27 AM

    Comment #1

    I’ve heard pretty solid info that there is 100 million unaccounted for at SJP. FFS is as bent as a £3 note, during his time the SJP security was run by one of the toon’s local gangsters, money laundering was rife and I bet the odd “troublemaker” would have been served up on Stowell Street some time a go. No wonder it took Ashley’s team “months” to go through the books. I wouldn’t be surprised at all to see Freddy and his cronies doing some time before they kick the bucket.

    While I have some reliable info I of course cannot prove this and so this is all alledged so please do not try and track me down for any court appearances or leg-breaking thanks…..

    0
  • ronaldeano

    Mar 3, 2008 at 11:29 AM

    Comment #2

    SHEPHERD, YOU FAT, UGLY, GREEDY STINKIN PIG

    0
  • Big Gaz

    Mar 3, 2008 at 11:35 AM

    Comment #3

    I have heard the same as Hammy. Freddy will be taking showers with “Mr Big” in a couple of years time. But knowing how corrupt he is he will probably do a “Maxwell” and decide to chuck himself of the back of a boat and then live a life of luxury in Cuba.He set this club back 10 years with his poor decision making. Sacking Sir Bobby Robson indeed.Tosser ! !

    0
  • Rem

    Mar 3, 2008 at 11:45 AM

    Comment #4

    surely there is some way he can be held liable or an investigatoin held?

    0
  • KevinHann

    Mar 3, 2008 at 11:56 AM

    Comment #5

    On what? Uneasy fans?

    0
  • Hadrian

    Mar 3, 2008 at 12:20 PM

    Comment #6

    im sure the arsehole bought all the land aound sjp in his own name aswell !!!! any expansion into that land and we would have to pay freddy .
    wasnt deft enough to buy the land in the clubs name , bent robbing bastard .
    ohh he’s got an autobiography due later this year aswell , can imagine the headline will be fun around that time .

    0
  • CJ

    Mar 3, 2008 at 2:39 PM

    Comment #7

    Who is surprised Fat Freedy and his family were not at the club cos they were good businessmen it was cos they were family just looking at the Halls and the Shepherds i would not trust them with 50 quid never mind a football club.

    0
  • ScottyT

    Mar 3, 2008 at 3:15 PM

    Comment #8

    what a fkin fat shit! thank god this idiot has left us we really could have been the new leeds with him in charge

    0
  • Leo* I HATE NICKY BUTT

    Mar 3, 2008 at 4:29 PM

    Comment #9

    not really got much to add to what other people say, he is a cnut and as al murray would say

    shame on you

    0
  • Me

    Mar 3, 2008 at 4:54 PM

    Comment #10

    Surely this is no more than the racist xenophobic chav scum of Newcastle deserve?

    0
  • tdt

    Mar 3, 2008 at 7:06 PM

    Comment #11

    hmmm, if we go down we will be the next leeds or forest, but as long as we stay up this season itl be only looking up, with ashleys financial backing and morts brains (which was the missing piece of the puzzle under the last reign of crap), assuming we stay up as i said, which i think we will 🙂

    0
  • Dave Ireland

    Mar 3, 2008 at 8:09 PM

    Comment #12

    Fat Fred has paid himself in shares for years, if you check the annual reports, how else did he suddenly own 28% of the club, he didnt use his own cash. I heard similar reports to hammy, but worse, we were almost bankrupt (like Chelsea and Ken Bates), bunch of fat robbing bastards, FFS set Newcastle back every time he did something like sign Souness as manager and give him £50m to waste on the worst players…

    0
  • Pele's Big Toe (right foot)

    Mar 4, 2008 at 12:19 AM

    Comment #13

    It sounds like FFS is a fat fkin crook jabba the hut lookin mutha fu*%er – nuff said!

    If it is true, I hope he rots in Jail for what he’s done to our club & after what he did to SBR – he isn’t fit to wipe Sir Bobby’s ar*e!

    Is Jabba & his entourage still barred from St. James’s?

    It’s no wonder he keeps a low profile in the carribean.

    Ed – on another note – can you please remove the pic of Joey Barton to the right of this thread – I keep wanting to put my foot through my monitor when I see his smugger – than – smug grin (fking thug that he is!).

    0
  • beright

    Mar 4, 2008 at 12:53 AM

    Comment #14

    single handed, ruined newcastle. I truly believe there is no one else who could of done what he did to us. With the team we have i would rather have the dyer, bellamy, solano, robert, speed players still playing for us. But we spent probably 80 mill since those players and i would only keep Oba and Zogs who cost nothing himself

    0
  • CJ

    Mar 4, 2008 at 2:47 AM

    Comment #15

    100% true Pele’s bid toe i bet Fat Freddie has got the same problem as you down stairs if you know what i mean.

    0
  • Pele's Big Toe (right foot)

    Mar 4, 2008 at 1:52 PM

    Comment #16

    What – me – problem downstairs?

    Nah – I just did the advert for the dosh……..
    Aaaarrrrggghhhhh – that smug bar steward’s picture is still here……………….

    Aaaarrgggghhhhhhhhhh

    0

You must log in to post a comment.