Takeover talks at Freddy's bedside

Current boss Freddy Shepherd is in Newcastle's Freeman Hospital, where he is recovering from pneumonia and a collapsed lung.

Sporting retail tycoon Mike Ashley, who last week launched a £133.1m bid to take over the under-performing Magpies, flew to Newcastle by helicopter on Thursday.

In his first visit since his ambition to own the club was revealed, he spent an hour looking around the club's St James' Park stadium before going to Mr Shepherd's bedside to discuss his takeover plans.

He bought a 41.6 per cent stake on May 23 through the investment vehicle St James Holdings.

If he wants to complete a takeover, he will have to buy the 28 per cent of the club's shares that Mr Shepherd owns

Mr Ashley, 42, paid his visit as rumours circulated of rival bids to take control of the Premiership club from the Far East and from Scotland's richest man Sir Tom Hunter.

He also had what was described to the London Stock Exchange as a "useful and constructive discussion" with the Newcastle board, which will now consider its response.

No one could be contacted for comment at Newcastle United last night.

Meanwhile, Mr Ashley's company Sports Direct suffered a blow after its chairman decided to stand down.

David Richardson, who had been in post for only three months, has gone following the company's decision to float on the stock exchange.

Mr Richardson said he had been "unable to establish a strong working relationship with the executive team", including Mr Ashley.

He will be replaced in the interim by board director Simon Bentley, a former long-time chairman of Blacks Leisure, and chief executive Simon Bentley.

Shares in the company continue to disappoint, having dropped by nearly a third in value since the firm was floated at the end of February.

The company issued a brief statement that said: "The chairman believes that he has been unable to establish a strong working relationship with the executive team."