It was Shepherd who was the architect behind Shearer’s world record £15m move to his hometown club in August 1996.
And the two remained close friends to the end, often bumping into each other on the golf course or at functions throughout the North East.
Shepherd paid for a bronze statue of Shearer outside St James’ Park last year and hosted a lavish ceremony at the Wylam Brewery he owned after the unveiling.
Shearer tweeted: “So sad to hear my great friend and former chairman Freddy Shepherd has passed away. I owe him a huge debt for bringing me home.”
One of Shepherd’s favourite sayings was “a donkey cannot win the Grand National,” and along with Sir John Hall and his son Douglas, he knew Newcastle could only compete with the elite by investing in the best.
In the decade after the consortium took control, Newcastle were one of the most talked about clubs in the country, finishing runners-up twice, reaching two Wembley finals and under Kevin Keegan, being labelled the Entertainers.
They qualified for the Champions League twice and were regulars in Europe under Keegan and Sir Bobby Robson.
And Shepherd, who died in his sleep on Monday night, was instrumental in transforming St James’ Park into one of the country’s finest stadiums.
Former Toon captain Bob Moncur said: “Freddy was always willing to take a chance on the football club because he was a true fan.
“Newcastle were in the doldrums when Freddy arrived and he lifted it to a whole new level.”
