Ashley today announced his intention to quit Newcastle, less than 16 months after taking his initial steps in the takeover which eventually resulted in Shepherd's departure as chairman.

With the Ashley era appearing set to falter following the shock resignation of manager Kevin Keegan last week, Shepherd has taken issue with the current owner's remarks about the amount of his personal fortune he has had to put into the club.

Sports goods billionaire Ashley invested £134.4million to buy out the Hall family, but it is the ongoing costs since then which have apparently come as a surprise.

"What he paid for the club would not have bought half the stadium. He got a great deal," Shepherd told Sky Sports News.

"As far as the money is concerned, he should take the advice he is giving - and stop being a cry-baby. He seems to be whingeing, but ... he should take his own advice."

Shepherd also divulged he has already been approached by two consortiums preparing bids for Newcastle - but has decided such a move is not for him, at the moment.

"There are people who would buy the club, no doubt about that," he said.

"I've been approached by two consortiums. There is always somebody who will buy the club."

Asked about his own inclinations to become involved again, he added: "Never say never."

In the shorter term, though, Shepherd believes Ashley should try to restore Keegan as manager.

"I will take a bet we have not heard the last of Kevin Keegan," he claimed.

"I would definitely bring Kevin back. He is the guy for the job, the right guy to run the business."

The former chairman believes Ashley's announcement of his intention to sell has been made in good faith.

"If Mike Ashley says he is going to sell the club, there is no reason not to believe him," he said.

"I just hope someone comes along to stabilise the club - because certainly at the moment it needs stabilising."

The key, according to Shepherd, for whoever next tries to buy Newcastle is to acknowledge the crucial role of the club's supporters - who have spent the days since Keegan's resignation venting their spleen at the situation with a series of protests and boycotts.

"Newcastle will always survive," he predicted.

"Nobody ever 'owns' the club; the fans 'own' the club ... everybody else is just passing through.

"The position needs to be stabilised. There is far too much emotion running around.

"Everything needs to be calmed down in the next few days."

The bone of contention between Ashley and Keegan is reportedly over club policy on transfer targets - a subject which Shepherd claims was never at issue during his time at St James' Park.

"When I worked with Kevin, he used to identify the players and put a value on them - and we used to try to get the money to buy them," he added.

"We didn't get involved in judging the players. It was left to Kevin."