Newcastle chairman Freddy Shepherd has warned billionaire businessman Mike Ashley he will have to splash "a whole lot more" cash if he is to complete his takeover of the club.

On Wednesday, Ashley bought 41.6% of the club´s shares from Sir John Hall and family and has offered the same price of 100p per share to Shepherd - who owns 29.8% - and the rest of the Magpies´ shareholders.

But Shepherd does not look likely to relinquish his stake quietly, saying: "There is nothing Mike Ashley can do with this club unless he gets a 75% stake. He has spent £50m but he will have to spend a whole lot more, as he must now make an offer not just for my shares but the shares held by all the other shareholders."

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