Shepherd blasts Mort

Sep 30 2007 Sunday Sun

FORMER Newcastle chairman Freddy Shepherd last night hit back at successor Chris Mort’s claim that he left the club close to “folding like a pack of cards”.

Mort declared United were in “big trouble” under Shepherd and would have gone under but for a re-financing deal done just before Mike Ashley bought the club.

The new chairman also complained that the situation he inherited was complicated by the fact that sponsorship money from the likes of Northern Rock and adidas had already been spent.

But Shepherd has dismissed Mort’s claims, insisting the Magpies’ debt – amid overall liabilities of around £150 million at the end of 2006 – was always within control.

“The debt was always structured and manageable,” a source close to Shepherd said last night.

“Much of it was part of a securitization loan for stadium redevelopment, which is something common to most top clubs.

“Money was borrowed against future revenue streams. In other words, the debts were payable and the business solvent.

“It was not about to fold like a pack of cards.”