Veteran American goalkeeper Friedel insists Sherwood deserves credit, especially after months of handling speculation of who would eventually succeed him.
"To us players Tim's sacking was never inevitable," said Friedel, speaking to BBC Radio 5Live.
"I thought Tim, especially in his first managerial job, conducted himself very well.
"He wears his heart on his sleeve. He was asked to take control on an interim basis with players who weren't necessarily his and I think he did really well.
"What transpires in the board room, players aren't privy to, much of the time, but I think Tim can walk away from this with his head held high.
"I don't know when they made the decision (to fire him) but every business would start getting their ideas in a row and start sounding people out.
"As far as Tim handled everything (people touting for his job), it probably wasn't easy and I'm sure at times he probably wanted to say more than he actually did, but in his first managerial job at a club as big as Tottenham, I think he did extremely well.
"Yes, I think he's good enough to do the job in the Premier League, whether with Tottenham or somebody else. I think he has a great future ahead of him, as do Les Ferdinand and Chris Ramsey, who I'm sure he will have on his staff if he's fortunate enough to get another job."
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