Shepherd's Toon price warning

Ashley: Keen to sell

Mr Ashley has to do what is best for the club. He must not try to make a profit out of a disaster.

Freddy Shepherd.
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Former Newcastle chairman Freddy Shepherd has warned Mike Ashley he must set a realistic price if he wants to sell the troubled club.

Magpies owner Ashley has put the Premier League club on the market after just over a year in charge following the fall-out from Kevin Keegan's departure.

Supporter protests following the popular manager's exit made Ashley decide to call time on his spell at the helm of St James' Park.

Initial reports suggested that a price of £481million had been set for the North East club, which Ashley bought for £134m, although that figure has now fallen to between £300m and £350m.

With the global economy in crisis and share prices tumbling across the globe, Shepherd believes that any potential buyers will not pay over the odds.

Realistic

He told the Daily Mirror: "The price Mike Ashley is asking has to reflect the global economic crisis. Above all, it has to be realistic and attainable.

"With the value of companies tumbling by the hour the price must be attractive to lure serious investors.

"Mr Ashley has to do what is best for the club. He must not try to make a profit out of a disaster.

"If he is looking to get a sale done before January I think he needs to be looking at a price just north of £200million."