Newcastle are one of the biggest clubs in England, but they are in serious danger of getting relegated from the Premier League at the end of the season.
The Magpies are second from bottom in the league table at the moment with 24 points from 29 matches, a point behind 17th-placed Sunderland.
Steve McClaren was sacked as the Newcastle head coach last week, and former Liverpool manager Rafael Benitez has been put in charge of the first team.
Newcastle, though, lost again in the Premier League, going down 1-0 to leaders Leicester City away from home at the King Power Stadium on Monday evening.
Former Newcastle chairman Shepherd has suggested that it is not Ashley’s fault that the team are doing so badly at the moment.
"I think he (Ashley) will feel let down because to be fair to the guy, he has put the money in," Shepherd told talkSPORT. "Who can you blame for it?
"You have got to back to who brought the players in. I think some of the players may have been good in their leagues, and they aren’t good enough in the Premier League."
Newcastle will return to action on Sunday afternoon when they take on Sunderland at St. James’ Park in the Premier League.