Shepherd was out of circulation when news of St James' Holdings Limited's £133.1m takeover bid broke on Wednesday and, although a board meeting has been called, it is as yet unclear when that will take place.

The board of Newcastle plc will issue a recommendation to shareholders after discussing the offer, which amounts to around £77.8m for the remaining shares.

While City analysts do not believe Ashley will have any difficulty in reaching the 50%-plus mark which was the condition of his 100p-a-share offer, Shepherd's decision - he holds a stake of around 29.8% - will be key to his hopes of acquiring the 75% he would need to make full control almost inevitable.

Meanwhile, the man who sold Ashley his family's 41.6% holding in the club for in excess of £55m insists he has done a deal with the right buyer.

Speaking on BBC Radio Newcastle, former chairman Sir John Hall said: "We have a had a few people come to us - quite a few - but many of them were not the right ones for the club.

"I feel basically Mike Ashley and his team, they are the right ones.

"He will take us to, in my view, a new dimension. I am certain he will be good for the club or I would not have sold to him."

Ashley is notoriously publicity-shy, and while Hall believes that may have to change if he gains control of the club, he is confident his business acumen can only help a business which has debts of around £80m.

He said: "His team know their business. Some of his team know Newcastle United very well.

"He probably does his business in a quiet way, but look where he has got today.

"He has got a huge business. What did he make - £900m out of that float? That says something about that man.

"Even if he is quiet, he knows the passion of the fans, he knows how much it means on Tyneside.

"I have talked to him enough to be assured they have got the passion for the club as we all have.

"You cannot run a club without being attached to it. You cannot run a club without feeling for it because it is about people, it is about the passion of the people.

"He knows the supporters are passionate."

Ashley's investment has prompted hopes on the part of the fans that he could be prepared to pour more of his estimated £1.9bn fortune into strengthening on the pitch.

Manager Sam Allardyce, who was himself taken by surprise by this week's developments as he was on holiday, is already planning his summer spending, but may yet have a bigger-than-expected budget with which to play.

Accordingly, the rumour mill has thrown up a series of new names as potential targets with the latest being Barcelona striker Eidur Gudjohnsen and Liverpool winger Bolo Zenden.

Gudjohnsen, 28, spent a season working with Allardyce at Bolton before his £4m move to Chelsea in July 2000.

There is talk of the Iceland international returning to England after one season in Spain, and sources close to the Magpies boss have not played down his interest in a player who has also been linked with derby rivals Sunderland.

Zenden, 30, has been told he can leave Liverpool after two years despite starting Wednesday night's Champions League final in Athens.

The Dutch international was a target for former Newcastle boss Bobby Robson during the summer of 2001, but opted instead to join Chelsea in a £7.5m move, and Robson then turned to Frenchman Laurent Robert.