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Freddy Shepherd has refused to rule out a return to Newcastle United – and says that he would “not be surprised” if Mike Ashley sells up at St James’ Park.

Ashley has been in power at United since 2007 when he snapped up Sir John Hall’s 41.6% stake of the club before agreeing a deal with former chairman Shepherd to buy his 28% share of the Magpies, and then paying £134million for full control.

Ashley has twice put the club up for sale without being able to find a buyer, but Shepherd feels that the Buckinghamshire tycoon’s business acumen means he would always listen to offers.

When asked if he would ever return to St James’ Park, the one-time Geordie supremo told the Chronicle: “It would be silly to say ‘never again’.

“Who knows what is going to happen? I certainly don’t.

“It is really up to Mike Ashley what he decides to do.

“There’s nobody else that can make your mind up, only him, whether he wants to go long-term or short-term.”

Ashley has an interest in Glasgow Rangers these days and owns 7% of the Ibrox club, who are set to play in Scotland’s second tier next season.

There has been plenty of talk of Ashley switching clubs and cashing in on potential Champions League football at Rangers.

Shepherd – who put in an offer to take Newcastle back off Ashley after relegation in 2009 – said it wouldn’t surprise him if Ashley did leave.

And when asked if an Ashley exit would shock him, the man famous for signings such as Alan Shearer and Tino Asprilla said: “No. Nothing surprises me at Newcastle.

“I will be surprised when I’m not surprised!”

Shepherd is currently part of the successful Triple S player agency which looks after England star Wayne Rooney, along with his son Kenneth and one of the game’s super agents Paul Stretford.

The Tyneside businessman said: “We’ve got the Triple S agency which Kenneth and Strettie run for us. That is very successful.

“I keep my finger in the pie, but you never know do you?”

United appointed Lee Charnley as the club’s new managing director this week and he revealed the club would remain cautious in the transfer market, bringing in “one or two” players per year.

Speaking on Ashley’s vision going forward, Shepherd said: “It’s not what the supporters want, but it’s a good job business-wise.

“I used to always say business is business and football is business.

“You have to look after the club. I’m not sure what his plans are for the future are though.”