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

In a lengthy statement on the club's official website, 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.

fantasy football

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

"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.

"Newcastle is now in a much stronger position than it was in 2007. It is planning for the future and it is sustainable.

"I am very conscious of the responsibility that I bear in owning Newcastle United. Tough decisions have to be made in business and I will not shy away from doing what I consider to be in the best interests of the club. This is not fantasy football.

"I am determined that Newcastle United is not only here today, but that it is also there tomorrow for your children who stand beside you at St James' Park."

www.nufc.co.uk