Showing Shepherd DID back his manager as much as he could.
Shepherd "Pushed Out The Boat" To Bring In Players
Showing Shepherd DID back his manager as much as he could.
Interim figures for the six months to December 31 released on Friday have revealed that an increased operating profit of £3.5million before player trading and amortisation was transformed into a £6.9million loss by Glenn Roeder's dealings during the close season.
The club also incurred finance costs of £2.9million, down £400,000 on the previous year.
Much of the shortfall is down to the sale of £8million France international defender Jean-Alain Boumsong to Juventus in an initial 4.8million Euro move.
In addition, the Magpies invested 15million Euros - around £10million - in striker Obafemi Martins following Michael Owen's injury at the World Cup finals, and £5million in Chelsea winger Damien Duff.
Chairman Freddy Shepherd: "The first half of the financial year started off on a disappointing note with the news that Michael Owen suffered a serious injury during the World Cup having just returned to full fitness at that time.
"Michael's continued absence from the game is a great frustration to the player, the club and our fans.
"Despite the impact of injuries, Glenn Roeder, his staff and the players deserve credit for their performances during a difficult spell at the club.
"We are particularly pleased to see the emergence of talented young players from the academy."
Owen's injury remains the subject of a battle for compensation with both FIFA and the FA, although the club has recouped £3.3million in insurance and compensation for the loss of their record £17million signing.
Media revenues remained stable at £11.8million, although the new three-year television deal will boost that figure significantly from August.
So whay about the takeover bid from the Jersey-based Belgravia Group and the St James' Park Group, a consortium backed by the Polygon Global Opportunities Master Fund, both made approaches, but neither ultimately made an offer.
Shepherd: "St James' Park Group Limited made an announcement on January 4, 2007 to the effect that they did not intend to make an offer for the company at the present time.
"On January 19, 2007, Belgravia announced that it no longer intended to make an offer for Newcastle United Plc.
"The board responded with a further announcement to the effect that they wished to make it clear that at no time was any formal offer put to the Board for it and its advisers to consider, nor was the company satisfied that Belgravia had secured the necessary funding for such an offer to be put forward."