Shep: Ashley can help us keep up with elite

Jun 10 2007 By The Sunday Sun

Freddy Shepherd agreed to sell up at Newcastle to Mike Ashley so that the club can regain the financial clout to match the football's elite.

After spending ONLY "£104 million" on transfers in the last "five years".

In recommending Ashley's offer by letter to United's minority shareholders, Shepherd said the club, as a PLC, could no longer compete with privately-owned rivals like Chelsea, Liverpool and Manchester United.

"A critical factor in improving performances of the club on the pitch . . . is the ability to invest in its player squad," wrote Shepherd.

"The company's publicly-listed status has placed certain constraints on its ability to invest in players . . . as certain football clubs have significantly increased the amount they are able and prepared to invest in their squads."

Shepherd's admission comes despite Newcastle's huge investment on players in recent years - much of it misspent on flops like Albert Luque and Jean-Alain Boumsong, as well as the injury-ravaged Michael Owen.

Ashley intends to take Newcastle back into private ownership and release significant new transfer funds to manager Sam Allardyce, after carrying out a strategic review of the club's business.