Newcastle supporters, and legends, reacted with joy after Mike Ashley put the club up for sale... but who is going buy it? Why do fans dislike him? And what about the future of Rafa Benitez?

• e-mail

Newcastle United fans have reacted with joy at the news of Mike Ashley's intention to sell the club.

Former club captains Alan Shearer and Rob Lee both tweeted pictures expressing their delight and supporters are already speculating over a bright future under new ownership.

However, with no serious interest yet to emerge, the club's future remains uncertain.

Here, Sportsmail's North East football correspondent, CRAIG HOPE, answers questions on how Ashley's statement has come about and what is next for Newcastle…

Newcastle United have officially been put up for sale by their owner Mike Ashley

Why does Ashley want to sell?

Quite simply, after 10 years, he's had enough. He stopped enjoying the club in 2009 following the first relegation from the Premier League and it's been eight years of quarrel and protest since. He isn't making money and does not want to risk losing any more by attempting to break into the top six.

Why sell now?

He sees this as the ideal time to cash in - the club are back in the Premier League with a world-class manager in Rafa Benitez and the TV riches on offer should make for an enticing prospect. 

Should Newcastle be relegated again then the club immediately loses value. Ashley feels its price should be at a premium now without the need for further investment of his own.

He sees this as the ideal time to cash in — adding the value of being in the Premier League

What is the asking price?

It has been in the region of £400m in recent months and no sources have yet confirmed that the figure has been lowered, although negotiation is clearly an option. 

He paid around £130m for the club in 2007 and has since made interest-free loans of roughly the same value, so he'll want his money back at the very least.

What is the purpose of a statement?

It has been an open secret since the summer that Ashley wants to sell. However, he let that be known by leaking a story of supposed Chinese interest before giving a rare television interview in which he welcomed investors.

None of that, however, has had the desired effect and this now is a desperate attempt to bring on serious investors.

Why do you use the word 'desperate'?

Within the statement he concedes that he's willing to negotiate a 'buy now, pay later' deal. That shows the degree of concession he is prepared to make to entice potential buyers. 

He's a ruthless - and very successful - businessman, but he's weakened his position here by admitting he'll do anything to get rid.

Ashley is 'desperate' to sell up by Christmas, even willing to accept a 'buy now, pay later' deal

How have supporters reacted to the news?

Former club captains Alan Shearer and Rob Lee both tweeted amusing GIFs expressing their delight. 

Shearer's was retweeted more than 4,000 times, and that gives an indication of how happy the Toon Army are.

They want Ashley out and have done since 2009. The reaction, then, has been one of joy, hope and relief.

But he's still the owner, isn't he?

That's a good point. Ashley has merely confirmed what we already knew, the club is for sale. If a takeover was close then such a euphoric reaction would be a little more understandable. As it is, such celebration feels a little premature.

Why do fans dislike Ashley so much?

Where do you start with that question… Two relegations. The treatment of club legends Kevin Keegan and Alan Shearer. The renaming of St James' Park. Joe Kinnear. Dennis Wise. No ambition in the cups. A perceived lack of investment in the playing squad. The list goes on and on and no supporter would mourn his exit.

So who can come in now?

Financier Amanda Staveley was spotted at St James' Park a fortnight ago but the club are sceptical as to her intentions, even though she met managing director Lee Charnley and Ashley's aide Justin Barnes in the boardroom after the 1-1 draw with Liverpool. They have heard nothing since, however.

The fact that Ashley has released this statement tells you there is no serious interest, at least for now.

So that could mean Chinese, American or Middle East investors emerging from the shadows, because make no doubt, they would have been monitoring the situation on Tyneside given the stature and potential of the club.

Should Ashley lower the asking price then a sale could go through quicker than anyone had ever expected.

Financier Amanda Staveley was spotted at St James' Park a fortnight ago at the Liverpool game

She met with Magpies managing director Lee Charnley but the club have heard nothing since

And what about the future of Benitez?

Ashley has kept him in charge - he was angered by Benitez's claims of being misled over the transfer budget this summer - because he realises the value of having a world-class manager in place.

To that end, he is safe under Ashley, while any new owners would be crazy to change boss given his popularity and, not to mention, ability.

Benitez's future is very much in his own hands. Should Ashley fail to sell then he might walk away if the purse strings remain tight. New owners, too, would have to prove their ambition to keep the Spaniard on Tyneside.

Rafa Benitez's future is in his own hands - any owner would be crazy to get rid of the Spaniard