Freddy's One Third

Last updated : 30 November 2007 By Kevin Markey
The former Newcastle United chairman is understood to have been in talks with Ken Bates for a couple of months over acquiring a minority shareholding.

It is by no means a done deal, however, with several other would-be investors believed to have been in touch with Bates since Leeds exited administration during the summer.

Under the Shepherd proposal, Bates would keep control with the deal taking the form of an investment as oppose to an outright takeover.

This would fit in with the 75-year-old's intention to stay as chairman.