Former Newcastle chairman Freddy Shepherd has warned Mike Ashley he must set a realistic price if he is to sell St James' Park.

Magpies owner Ashley has put the Premier League club on the market after just over one year in charge following the departure of fan-favourite Kevin Keegan.

Supporter protests following the popular manager's exit encouraged Ashley to call time on his tenure on Tyneside.

Initial reports suggested the club, which Ashley bought for 134million pounds, carried a 481million pound price-tag, although that figure has now fallen to the region of around 350million pounds.

With the current global economic climate in crisis and share prices tumbling world-wide, Shepherd believes that any potential buyers will not pay over the odds.

He said: "The price Mike Ashley is asking has to reflect the global economic crisis. Above all, it has to be realistic and attainable.

"With the value of companies tumbling by the hour the price must be attractive to lure serious investors.

"Mr Ashley has to do what is best for the club. He must not try to make a profit out of a disaster.

"If he is looking to get a sale done before January I think he needs to be looking at a price just north of 200million pounds."