Shepherd agrees to sell Newcastle stake

Shepherd will receive more than £37.6million for his family’s stake.

A statement issued by Shepherd, read: “The offer from SJHL (St James Holdings Limited – Ashley’s company) 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.”