Shepherd warns takeover hopeful Ashley

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On Wednesday, Ashley bought 41.6% of the club's shares from Sir John Hall and family and has offered the same price of 100p per share to Shepherd - who owns 29.8% - and the rest of the Magpies' shareholders.

But Shepherd does not look likely to relinquish his stake quietly, saying: "There is nothing Mike Ashley can do with this club unless he gets a 75% stake. He has spent £50m but he will have to spend a whole lot more, as he must now make an offer not just for my shares but the shares held by all the other shareholders."

He added: "He can't take full control, he can't change resolutions or the club's articles of association."

Shepherd last week claimed that the St James' Park outfit was "impossible" to sell, but now that the Hall has found a willing buyer, he will find his resolve to stay at the club tested to the limit.

The news also came as a surprise to manager Sam Allardyce, who has been at the helm only a matter of days after succeeding Glenn Roeder.

The former Bolton boss told The Sun: "I'm as shocked about this as chairman Freddy Shepherd.

"I didn't know this was going to happen. I will be talking to the chairman to see what it all means and we'll go from here."

Ashley's prospective takeover could leave Allardyce with a much-improved summer transfer kitty and the manager welcomed any such cash injection.

"I don't know anything about the person hoping to take over. But he must want good things for Newcastle if he's spending such an amount on the club," added Allardyce.