Ashley could follow QPR model as he looks for new investors for Toon

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Mike Ashley is on the look out for new investors at Newcastle

"It has got to be able to compete. Newcastle is not something you make a profit on, you have to enjoy it and love it.

"If we had some multi-billionaire that wanted a stake in Newcastle it will help, but sell the club? It's not the same answer."

Ashley has found himself surrounded by claims he is ready to sell the club he bought a year ago for £134.4million, with US private equity fund InterMedia Partners and the Saudi Binladin Group having been named in recent days as potential buyers.

However, he has insisted the club is not for sale, although admitting he is looking for fresh investment.

Ashley, whose Sports Direct empire announced a huge drop in profits yesterday, has also moved to end suggestions his real passion is for Tottenham.

He said: "It's not true. I absolutely hate Spurs and always have done."