Former Newcastle United chairman Freddy Shepherd is being linked with investment in a major northern club.

Shepherd said yesterday he was poised to tie up a deal with "a northern club" early in the new year. The former Newcastle United chairman picked up more than £37m from his sale of stock in the club in June, with a seven-figure package also believed to have been agreed after he left the board later in the summer.

"Football's a drug, and a powerful drug," he said. "From January I think something could happen. I'm a northern guy, so obviously I'm more interested in northern clubs."

Shepherd would not be drawn specifically on his reported interest in Leeds. But according to Keith Harris, whose company Seymour Pierce has become one of football's most successful dealmakers, two Premier League and four Championship clubs are currently looking for buyers.

Bolton Wanderers and Derby County are among clubs to be mentioned as potential Shepherd targets.