Shepherd backs Ashley takeover

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St James Holdings Limited, the company set up by billionaire Ashley to launch his takeover bid, has confirmed it has reached an agreement to buy up the Shepherd family's 28%-plus stake in the club in a deal exceeding £37million.

That will take Ashley's holding to almost 70%, five per cent short of the level at which he would assume control and close in on a £134.4million takeover.

Shepherd and the current board, who are set to remain in place for the time being, have recommended remaining shareholders to accept the offer.

And the man who succeeded Sir John Hall as chairman in December 1997 is confident Ashley is the right man to revive the club's fortunes.

In a statement, he said: "As chairman of Newcastle United, I have always tried to act in the very best interests of this great football club, and stressed that should the right person emerge to lead the club forward into the future then I would support them fully.

"I believe Mike Ashley and SJHL, along with new manager Sam Allardyce, can deliver a vibrant new era at Newcastle United and I sincerely hope that together we can all enjoy successful times.

"It was always very important to me that this whole matter was handled amicably and swiftly for the sake of everyone connected with the football club."

Shepherd's continued presence at St James' Park is a matter of some conjecture amid speculation he could remain as chairman under the new regime.

However, his time as a major shareholder is at an end, with Ashley set to push ahead with his plans to take complete control and delist the company from the Stock Exchange.