Former Newcastle United chairman Freddy Shepherd believes the club may struggle to find a new buyer.

He believes the prevailing economic conditions could prove a major problem for Ashley and investment bankers Seymour Pierce, who are handling the sale.

Shepherd said: "The last I heard from someone in the city, the club has had 100 applications, but 99 of them have been barking mad.

"Getting the right person in at the moment is going to be difficult. There's a credit crunch which will be impacting on potential buyers as much as anyone.

"It doesn't matter who they are. The global markets are in turmoil.

"No-one is going to give Mike Ashley a huge profit for the club now, you don't have to be a rocket scientist to work that one out.

"Whoever is going to buy it will know they are going to have to buy players in January.

"If Ashley doesn't sell the club by January, he's going to have to strengthen the team. That's why he will be aiming to sell the club before the transfer window opens."