Newcastle up for sale!!!

Newcastle United owner Mike Ashley has put the club up for sale, just over a year after taking control at St. James' Park.

Ashley announced his decision - and gave his reasons - in a lengthy statement published on the club website.

The sportswear mogul fell foul of the Magpies faithful after manager Kevin Keegan walked out due to disagreements on transfer policy.

Extensive fan protests before, during and after the 2-1 home defeat to Hull forced Ashley's hand.

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

"I am putting the club up for sale. I hope the fans get what they want and that the next owner is someone who can lavish the amount of money on the club that they want."

The appointment of Dennis Wise as a director of football was reported to have undermined Keegan's position, catalysing his departure.

But, in business and football terms, Ashley explained why he created the management structure that annoyed fans.

"Unless I had come into the club then it might not have survived," he claimed. "Before I spent a penny on wages, Newcastle had cost me more than a quarter of a billion pounds.

"Arsenal is the shining example in England of a sustainable business model. It takes time. It can't be done overnight. Newcastle has therefore set up an extensive scouting system.

"We look for young players, players in foreign leagues who everyone does not know about.

"One person alone can't manage a Premiership football club and scout the world looking for world-class players and stars of the future.

"The fans want this process to happen more quickly and they want huge amounts spent in the transfer market so that the club can compete at the top table of European football now. I am not stupid and I have listened to the fans."

It is understood the sale of James Milner to Aston Villa was the last straw for former England and Manchester City boss Keegan.

But Ashley declared his love for the club, highlighted his investment in Newcastle's future and stated that he would only sell to a buyer able to spend freely on big-name players.

He also urged fans to stop protesting, as they had won the battle and should no focus on cheering their team.

"I have the interests of Newcastle United at heart," he continued. "I have listened to you. You want me out.

"You don't need to demonstrate against me again because I have got the message. Any further action will only have an adverse effect on the team. As fans of Newcastle United you need to spend your energy getting behind, not me, but the players who need your support.

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