Waddle warning for Ashley

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The sportswear magnate snapped up a 41.6% stake in the Magpies on Wednesday and was on Thursday pushing ahead with his plans to gain a controlling interest with the ultimate aim of clinching a complete £133.1million buy-out of chairman Freddy Shepherd and the remaining shareholders.

But Waddle gave a guarded response to the tycoon's initial investment of more than £55million and said: "If somebody can come in and do an Abramovich, then that is brilliant for Newcastle United. Talk is cheap at the end of the day, so if this is the beginning of a new era, it will be interesting to see what happens."

Ashley's surprise move sent waves of excited anticipation flooding over Tyneside, where the fans have been waiting for a major trophy since 1969.

Waddle added: "I just hope this is not somebody coming in on an ego trip. If that is the case, it is not good for Newcastle.

"If the takeover is genuinely for the good of the club and is going to take them forward and bring trophies back, then it is fantastic news."

Waddle's caution reflects his belief that investment alone is not always the answer, and that is something of which Shepherd, of course, is acutely aware.

The former England international said: "We have watched a lot of takeovers in recent years and only at Chelsea with (Roman) Abramovich have we seen any real change in trends in the Premiership because Arsenal and Manchester United are still up there challenging.

"If there is money coming in, then that can only be good for the club. You look at clubs like Aston Villa and Liverpool, and not a great deal has happened. Even if Liverpool spend money next season, a lot of it has come from Champions League bonuses this year.

"We also saw a lot of people come in to football clubs who do not know about football. That is something you do not want to see. No matter what people say about Freddy Shepherd, he has supported his managers and he is a football man."