Shepherd (left) says Benitez (bottom right) will get summer funds from Ashley to sing players
Newcastle manager Benitez has vented his frustration at owner Mike Ashley over failed deals in the January transfer window.
The Too boss wanted to bring Andros Townsend back to the club in a £2million loan that would have triggered a £13m permanent move in the summer.
Newcastle sit second in the Championship and are expected to bounce straight back up from last season's relegation from the Premier League.
Championship Done Deals: Every transfer out during January 2017
Wed, February 1, 2017
Express Sport brings you up to date with every departure from the Championship during the January transfer window
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Who has your club sold or loaned out during the January transfer window?
The team is not the best in the world but they should get up
And former owner Shepherd has backed Ashley to fund a spending spree when they do back up.
"What he's going do is save the money for the summer, Newcastle will definitely get up," Shepherd told talkSPORT.
Mike Ashley has come under fire for Newcastle's transfer policy in January
Rafa Benitez's Newcastle sit second in the Championship
"The team is not the best in the world but they should get up.
"Like any other manager Benitez is greedy, greedy for players and greedy to buy players. Of course (greedy in a good way)."
Newcastle host top-six chasers Derby at St James' Park tomorrow (3pm) as they look to forget Wednesday's 2-2 draw with QPR.