Ashley to sell if Newcastle are relegated

News of the World says the Toon owner is prepared to sell the club on the cheap.

Ashley has so far spent £260million on the Magpies but is ready to sell for £120million if they are relegated to the Championship.

Earlier this season Ashley was asking for more than £300million for the Premier League club.

A city source told News of the World: “If Newcastle go down, things will change very quickly.

“There will be conjecture over plans and terms but it will be a quick sale. He will cut his losses and run.”