It is the second time the sports magnate has put Newcastle up for sale during his controversial decade in charge – and this time Ashley is so desperate to sever his ties that he is willing to let a buyer pay in instalments.
He remains deeply unpopular with the Toon Army and his relationship with manager Rafa Benitez is strained following a botched transfer window this summer.
But with Newcastle back in the top flight and looking on course to stay there under Benitez, Ashley believes he can now sell from a position of strength.
It has been an open secret for several months that Ashley wants out, with managing director Lee Charnley meeting interested parties in China during the summer and the chairman himself admitting in a TV interview that he was ready to listen to offers.
Despite being a billionaire, Ashley claims he does not have the wealth to compete with the elite. But with initial interest from parties in China, the United States and the Middle East not having been followed up, he has taken the next step with the club issuing a formal statement signalling their intentions.
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Some Newcastle fans have objected to Mike Ashley's reign
“As one of the Premier League’s oldest and best supported clubs – and for the benefit of its many fans in the UK and across the world – Newcastle requires a clear direction and a path to a bright and successful future,” the club said in a statement.
“To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle for the club to be put up for sale.”
No price has been named but its understood Ashley is looking for more than £350million, having bought the club from Sir John Hall and the late Freddy Shepherd for £133m in 2007.
He will want to recoup the £129m he has paid the club in loans but is still looking for a profit of about £100m.
So far, four parties have signed non-disclosure documents though it is not known whether one of those interested is businesswoman Amanda Staveley, who was at the Liverpool game a fortnight ago, meeting Benitez and Charnley after the game.
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Mike Ashley wants to sell Newcastle before Christmas
Ashley’s lawyer has revealed that he is looking for a quick sale, preferably before the New Year, though he claims the chairman will continue to back Benitez in the transfer market if he is still at the helm in 2018.
“Our intentions are to see if the club can be bought by new ownership by potentially Christmas,” said Andrew Henderson. “That would allow seriously interested parties to put themselves forward. It would allow a diligence period to carry on then hopefully by Christmas a sale could conclude.
“Assuming the right person can be found to take the club forward, it’ll be about how payments are structured, how much would be payable on day one and how much would be payable further down the line.
“There is a genuine desire from our point of view to put the club in the best possible position going forward.
“If that means additional funds being available in the short-term, we would seek to accommodate that.”
Newcastle legend Alan Shearer could not hide his delight at the news of the sale. He posted a comment on Twitter which read: “Just heard,” followed by a video from the tv series Seinfeld of cast members celebrating wildly.
Newcastle have started the season well and sit ninth after eight games, but have now gone three games without a win ahead of their match with Crystal Palace on Saturday.
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