Billionaire Mike Ashley took a major step towards assuming control this week. St James Holdings Limited, the company set up by Ashley to acquire shares in the club, announced to the Stock Exchange they had agreed to pay the Shepherd family in excess of £37million at 101p per share for their stake.Ashley To Decide Shepherd's Fate
Billionaire Mike Ashley took a major step towards assuming control this week. St James Holdings Limited, the company set up by Ashley to acquire shares in the club, announced to the Stock Exchange they had agreed to pay the Shepherd family in excess of £37million at 101p per share for their stake.That investment, on top the the 41.6% holding they snapped up by striking a £55million deal with Sir John Hall and his family on May 23, has given Ashley control of almost 70% of the company.
But ... will Freddy stay as chairman? One newspaper has suggested Shepherd only sold his shares on condition he can keep his job. While another claims Freddy has a clause written into his contract that allows him to be paid by the club for a further two years AFTER he sells his shares ... which apparently is true.
Ashley seems to feel, if the man is being paid regardless if he works or not, he may as well have a job. How long that lasts, who knows? Ashley wants his own man in place, but that could take time.
The SJHL statement failed to shed any light on Shepherd's position. It is understood Ashley will conduct a review once he has gained control and decide how best to move the business forward, and that the current hierarchy will remain in place for the time being.
The Sports Direct International founder is notorious for his avoidance of the limelight and it seems unlikely he would be prepared to take a public role at St James' Park.