Ashley puts Newcastle up for sale

Newcastle United chairman Mike Ashley has put the northeast club back up for sale, plunging it into yet more uncertainty just one week after the Magpies were relegated from the Premier League.

Ashley, who told the Sunday Times he had made "terrible" decisions since taking on Newcastle, could lose up to £150m after deciding to offload it for a cut-price £100m. Dropping out of the top tier of English football has slashed the club's value.

Ashley, who is also the owner of sportswear chain Sports Direct, has ploughed £110m of his own money to pay off the team's debts. "It has been catastrophic for everybody. I've lost my money and I've made terrible decisions. Now I want to sell it as soon as I can ... advisers will be appointed shortly," Ashley told the Sunday Times.

Asked if he regretted the decision to buy the club two years ago, Ashley said: "Of course I regret it. I never said I was an expert in football clubs. I was just a fan – although a very wealthy fan. But I’m not so wealthy now. I put my money into it and I tried my best. But I accept my best was woefully short. I am genuinely sorry for everybody about what has happened."

Following its relegation, Newcastle's top squad faces a massive restructuring to balance the books. The sale also throws into doubt the future of caretaker manager Alan Shearer, who spent all week trying to negotiate a permanent deal. ·