How long will Freddy hold on?

On the heels of the Champions League Final in Athens, some of the biggest news from England outside of Liverpool's defeat has been billionaire Mike Ashley's takeover bid for Newcastle.

Ashley has ponied up at least $118-million (Canadian) to purchase 41.6 per cent of the club from Sir John Hall, according to BBC Sport. Hall had apparently rebuffed other suitors prior to accepting Ashley's bid.

Where does this leave Ashley? The easiest route to claiming the 75 per cent of shares required to completely takeover the club would be to buy out chairman Freddy Sheppard's share, which is just under 30 per cent. Along with smaller blocks of shares, this would allow Ashley to take Newcastle off the open market.

Freddy, however, is shocked. He, along with new manager Sam Allardyce, were surprised by the move. Several reports indicate the two will meet to discuss the future following Ashley's purchase.

That Newcastle need a fresh start goes without saying. The club hasn't won any silverware since 1969 and after a 13th place finish they are no closer. They have a stadium that should be the envy of most other Premiership sides and loyal fans, but a succession of managers have squandered cash on a collection of also-ran players.

Freddy is passionate about his club. I can recall many times over the years his promises to repay the support of the Toon Army, but the trophy case remains bare. I suspect that after a great deal of moaning, he will give in to reason and relinquish control. BBC reported that he is due a $2.15-million buyout if ousted from his position as chairman. He could always stick around to be the thorn in Ashley's side, but eventually he'll cut and run.

Allardyce, on the other hand, shouldn't be trying to suck up to Sheppard. Rather than running to the chairman to get the scoop, he should have been calling up the new stockholder and congratulating him. Big Sam, one of the best managers in the Premiership, needs the full support of the man with the big chequebook.

For Newcastle fans, this is fantastic news: a fresh injection of cash to go along with the new manager. Ashley is not a wealthy American, so a deal will go down without any of the xenophobic fear mongering that has surrounded the Liverpool, Aston Villa or Man United deals. He's young (45) and ambitious, just what the doctor ordered.

Newcastle has the potential through new ownership, huge stadium and loyal fan base to join the elite of the Premiership, but not with the old hands on the tiller. Newcastle supporters will keep their fingers crossed, I'm sure.