Sheperd spending warning to takeover hopeful Ashley

Newcastle United chairman Freddy Shepherd has warned billionaire businessman Mike Ashley he will have to splash “a whole lot more” cash if he is to complete his takeover of the club.

Ashley yesterday 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.