There were reports in yesterdayâ€™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 – laughing all the way to the bank
Newcastle paid former manager Glenn Roeder Â£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 Â£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 Â£1.17M payment for being dismissed. That was after years of taking the club to the cleaners â€“ so thereâ€™s nothing like ensuring you get a good payment for all the bad work youâ€™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 Â£5M in a failed casino scheme that never came off, and new owner Mike Ashley has had to clear out the Â£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 Â£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 â€“ letâ€™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 â€“ and he proved it at Newcastle.
Newcastle made a loss of Â£32.9M in 2007 and have one of the highest wage bills in the Premier League, which currently stands at Â£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. 😀