News of the World says Ashley is ready to sell Newcastle for as little as £80million.
Ashley said: “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.”
Alan Shearer and his assistant Iain Dowie was set to sign four-year contracts with the club, but has now been put on hold.