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Ashley looks to sell Newcastle

Newcastle owner Mike Ashley is looking to offload the club as soon as possible after admitting that he has made a number of "terrible decisions" during his time in charge of the North East club. The Magpies were relegated last week and could be set for a Leeds style fall from grace if Ashley walks away.

The billionaire spoke to the Sunday Times about his disastrous period in charge at Newcastle: "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."

The Newcastle owner has invested over £100m into the team since buying it for £134m back in 2007, but has failed to find a buyer willing to meet his £400m asking fee. When asked if he regretted buying Newcastle, Ashley replied: "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," the Newcastle owner continued. "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."

Newcastle are reported to be in negotiations with Alan Shearer about the manager's job at St James' Park, but it is not clear if the sale of the club will effect the former England striker's decision.

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