Newcastle chairman Freddy Shepherd has agreed to sell his shares in the Barclays Premier League club to billionaire Mike Ashley.

Shepherd will receive more than £37.6million for his family´s stake, which amounts to more than 28%, with the sale raising Ashley´s holding in United to a little under 70%.

The Board at St James´ Park have recommended that Ashley´s 101 pence per share offer be accepted by the remaining shareholders, with the sportswear tycoon requiring 75% to trigger a full takeover of the club.

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