Newcastle chairman Freddy Shepherd is expected to be invited to remain at the club as Mike Ashley plans for the future.
It is understood that the 63-year-old will be asked to stay on while the four remaining directors - deputy chairman Douglas Hall and non-executive directors Bruce Shepherd, Timothy Revill and Allison Antonopoulos - part company at a Board meeting.
Shepherd's decision to sell his 28 per cent-plus holding to Ashley after the billionaire had earlier snapped up the Hall family's 41.6 per cent stake paved the way for him to gain control of the club.
Current chairman Shepherd received in excess of £37million for his shares, although it later emerged he could remain at St James' Park as an employee of the new regime.
Shepherd is yet to make a decision, but it would be a surprise if he were to reject the offer.
Ashley's renowned avoidance of the limelight means he was never likely to be the club's public figurehead, and Shepherd's experience and knowledge of the day-to-day business of the club could prove invaluable.
He has been at the helm since December 1997, when he stepped into Sir John Hall's shoes, and has presided over a turbulent decade in the club's history which has brought both highs and lows, but no trophies.
Ashley is currently forming a new-look team to run the club and while he is certain to bring in his own men, he is shrewd enough to know Shepherd's intimate knowledge could be essential.
St James Holdings Limited, the company set up by the sportswear magnate to launch his £134.4million bid for the Magpies, confirmed earlier this month that it had reached agreement to purchase a total of 77.06 per cent of the shares to make its 101p offer unconditional.
Should that figure have increased to 90 per cent by Thursday's offer deadline, Ashley will be able to compulsorily purchase the outstanding shares and take the club back into private ownership
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