As We Predicted ... Freddy Comes Out Fighting!
Last updated : 01 October 2007 By Footy Mad - Editor
Newcastle United chairman Chris Mort has been blasted by his predecessor for suggesting Shepherd left Newcastle United in a financial mess when he sold his shares to Mike Ashley.
Mort declared United "would have gone under but for a re-financing deal" when Ashley bought the club.
Sadly it wasn't a reply from Freddy, himself. But from the notorious "Sunday Sun source" ... some guy with a false beard, jam-jar bottom glasses, a wooden leg and a ferret down his hoggers!
In truth ... no-one has ever seen him ... or smelt him for that matter. But the Sunday Sun pop him into articles when they cannot find any other basis of fact.
A source close to Shepherd told the Sunday Sun: "The debt was always structured and manageable.
"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."