Bank appointed to handle Magpies sale

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The London-based bank has been drafted in as the billionaire attempts to offload the business following demonstrations by fans in the wake of manager Kevin Keegan's departure earlier this month.

"The board of Newcastle United can confirm it has appointed the London-based investment bank Seymour Pierce to act on the potential sale of the club." A club statement said.

"All matters relating to the sale of the club, including inquiries from interested parties, should go through Seymour Pierce. The club will be making no further comment at this time."

Ashley confirmed he was putting the club up for sale after fans staged mass protests against him and the recruitment team he appointed before and after the 2-1 Barclays Premier League defeat by promoted Hull.

He, managing director Derek Llambias, executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez last week flew to Dubai in an effort to push through a quick disposal.

However, amid a flurry of statements from supposedly interested parties insisting they were not in the market for the club, and allegations of snubbed meetings, they returned without a deal having been struck.

As well as being linked with potential purchasers in Dubai and Abu Dhabi, there has been talk of investment from China, Qatar and more recently, Nigeria.

Indeed, reports from Africa have suggested a bid of £350million - some £130million less than the asking price allegedly quoted last week - has already been tabled.

Ashley bought Newcastle around 16 months ago for £134.4million, and has since invested a further £110million to service the debts he inherited and fund transfers.