Roman Abramovich has created his own transfer market, Newcastle chairman Freddie Shepherd claims.

Shepherd, who estimated his own club had spent £300min the last 10 years, said Chelsea, who have spent £200m since Abramovich took over 18 months ago, had unbalanced the game.

Speaking at the Soccerex trade fair Shepherd said: “Abramovich has blown the transfer market open. There are now two markets out there – one for Chelsea and one for everybody else, it’s as simple as that.

“We were getting transfer fees down to sensible levels then Abramovich came in and blew them out of the sky. If he wants a player he gets him, it doesn’t matter what money he has to pay.”

“But I would love a Geordie Abramovich to come to Newcastle,” he conceded.

This season alone Abramovich authorised the purchases of Drogba (£24m), Carvalho (£20m), Ferreira (£13m) and Robben (£12m) among others.

Shepherd also felt that Manchester United had lost their way in recent years since the departure of Martin Edwards.

“Over the last two years Manchester United have lost a bit of stardust,” he said.

“They lost the captain of the ship in Martin Edwards and they suffered from that. And they suffered from losing Beckham as well. They lost two characters there.

“They missed Martin Edwards hugely because it is like a ship without a soul at the moment.”