Shepherd set to buy back NewcastleFreddy Shepherd wants to buy back Newcastle United in one of football's most surprising takeover comebacks and ESPNsoccernet can reveal that a bid is imminent.
Shepherd, who sold the Magpies to current owner Mike Ashley in June 2007, is ready to make an offer that would rid the club of its £90 million debt, to help comply with UEFA's Financial Fair Play regulations and enable the club to move forward.
Ashley has made no secret of his desire to sell Newcastle, virtually from the moment he bought the club from Shepherd and Sir John Hall, and slapped a £100 million asking price on the Magpies as they languished in the Championship last season. But since the club returned to the Premier League, there has been little to no takeover talk.
A close friend of Shepherd's confirmed to ESPNsoccernet: "I know Freddy is giving very serious consideration to making an offer and returning to St James' Park."
Shepherd, who is currently on Tyneside, is not denying that he is leading a takeover of his beloved Newcastle United and would only say: "I am not prepared to comment on this."
And ESPNsoccernet has established through City sources, having just broken the story of the Liverpool takeover, that the foundations for a bid to buy Newcastle have already been put in place.
Shepherd, who endured his fair share of controversy during his time as chairman at St James' Park, might not have been the most popular owner in the past, but the fans would welcome the exit of Ashley, given the club's recent plight.
The confusion as to why Chris Hughton has not been offered a new contract might be related to the potential sale of Newcastle and ESPNsoccernet understands the former full-back, who guided Newcastle back to the top flight, would be given a chance should Shepherd regain control of Newcastle.
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