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Shepherd agrees to sell
07 Jun 2007 - 07:58:51
Mike Ashley is set to take control of Newcastle United after chairman Freddy Shepherd agreed to sell his shares to the billionaire businessman.
Ashley will pay £37.6million for Shepherd's 28 per cent stake in the club to take his holding in the Magpies to just under 70 per cent.
Meanwhile, the Newcastle board has recommended the sportswear magnate's 101 pence offer to remaining shareholders as his St James Holdings Limited (SJHL) company looks to complete a buyout.
Last month, Ashley emerged as a serious contender to takeover the Magpies after agreeing to pay Sir John Hall £55million for his 41.6 per cent stake.
A statement issued by Shepherd confirmed: "The offer from SJHL is at a level which fully reflects both the performance of Newcastle and its prospects and ambitions for the future.
"The board believes that SJHL and Mike Ashley will be excellent custodians of Newcastle United's heritage and will provide the best possible opportunity for the club to flourish in the future, to the benefit of the company and its fans."
Shepherd is expected to stay on at St James' Park in some capacity.