Shepherd's bid to buy Real Mallorca

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Former Newcastle United Chairman Freddie Shepherd's bid to buy Real Mallorca
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By Brian Mcnally 8/06/2008

Former Newcastle United chairman Freddy Shepherd is set to launch a sensational £40million bid to buy top Spanish outfit Real Mallorca.

Shepherd, who has a home on the Balearic island, has turned his attentions to the Mediterranean after being linked with moves to buy into a number of English clubs including Leeds United, Bolton and Sheffield Wednesday.

Mallorca President Vicenc Grande has put his 93 per cent shareholding up for sale with an initial asking price of 40million Euros (£31.45million).

But Grande has warned that an overseas buyer will have to pay a premium because he would prefer the club to remain under Spanish control.

Shephers and his lawyers will open formal negotiations this week.

With Shepherd having banked £37m from the sale of his 29 per cent stake in Newcastle to sports retailing tycoon Mike Ashley a year ago, he clearly has the funds to buy Mallorca, although he will face stiff competition from both Spanish and overseas investors.

But the 65-year-old Geordie is keen to have complete control and also wants to buy the seven per cent of the shares Grande doesn't control.

Mallorca finished seventh in La Liga last season - a point below the European slots.

Ironically. Shepherd's former club Newcastle are finalising negotiations to play in a four-team tournament hosted by Real Mallorca in early August