Freddy Shepherd, the former chairman of Newcastle, has ruled out fronting a takeover bid for the struggling Premier League outfit. The former Magpies chief only left St James' Park in the summer of 2007 and admitted receiving two offers to head bids for the club.

"My family have asked me not to get involved," he told the Sunday Sun.

Shepherd was reluctant to sell his share in the Magpies to Ashley last year but takes no pleasure from their current plight.

"It's sad, really sad," he added. "Nobody should take any delight whatsoever in what is happening, least of all me.

"Myself and Sir John Hall took the club on in 1991 and took it forward, with promotion, a new stadium and a new training ground.

"So it's so, so sad to see it in such a plight."