Ashley: Newcastle are for sale

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Ashley and his executive director (football) Dennis Wise have borne the brunt of a furious backlash from supporters in the 10 days since manager Kevin Keegan walked out in protest over the club's transfer policy.

In a lengthy statement, Ashley said: "I am putting the club up for sale. I hope that the fans get what they want and that the next owner is someone who can lavish the amount of money on the club that the fans want."

He added: "I am not stupid and have listened to the fans.

"I have really loved taking my kids to the games, being next to them and all the fans.

"But I am now a dad who can't take his kids to a football game on a Saturday because I am advised that we would be assaulted.

"Therefore, I am no longer prepared to subsidise Newcastle United."

Thousands staged demonstrations outside St James' Park before and after Saturday's embarrassing 2-1 Barclays Premier League defeat by Hull demanding that Ashley sell up and that Wise be removed from his post.