London, May 31

Newcastle owner Mike Ashley wants to offload the English club after being relegated from the Premier League.

The sportswear tycoon took the team off the market last December due to a lack of suitable offers. A combination of the global economic downturn and the Magpies dropping into the League Championship have left Ashley willing to cut his losses and reportedly sell for £100 million, £34 million less than what he bought them for two years ago.

“It has been catastrophic for everybody,” Ashley told The Sunday Times. “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 tried to sell the club last year after saying he couldn’t afford to match the fans’ ambitions or cope with the threats to his safety following Kevin Keegan’s resignation as manager.

Disgruntled supporters staged mass protests at St James’ Park in September and boycotted matches after Keegan said his power was being eroded by interference from club directors. “I never said I was an expert in football clubs,” Ashley said. “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.”