The Buckinghamshire tycoon ordered the club to release a statement last year indicating that he would be on board with Newcastle until “at least” 2016.
But Shepherd, a lifelong supporter of the club and ex-chairman, says that Ashley isn’t involved with Newcastle for the love of running a football club and that his only motive is to make money out of the game.
When asked if he’d be surprised to see Ashley swap Newcastle for Rangers, Shepherd told the Chronicle: “I’d be surprised the day I’m surprised!
“He’s a businessman – end of story. He’s in it to make money and that’s the bottom line.”
Ashley’s main business interest is Sports Direct while he is heavily involved in Rangers.
But Shepherd knows that running Newcastle is a different kettle of fish to normal business practices.
He said: “Good luck to him. It just happens to be football and everybody’s sentiments are hooked up to it.
“It’s a different animal to any other business.”