Newcastle United for sale: Owner Mike Ashley set to sell Premier League club

Newcastle United have confirmed that owner Mike Ashley has put the Premier League club up for sale.

The 53-year-old paid £134million for the Magpies in 2007, clearing existing debts and securing the club's financial future at a troubling time.

But his tenure has not been harmonious, including two relegations from the Premier League and frequent discord with the fan-base.

The statement suggested the developments have been made public due to growing "press speculation", which ramped up after the appearance of financier Amanda Staveley at Newcastle's game against Liverpool earlier this month.

The club statement read: "As a result of increasing press speculation regarding the future of Newcastle United, the owner of the club, St. James Holdings Limited, wishes to clarify its intentions.

"As one of the Premier League's oldest and best supported football clubs - and for the benefit of its many fans and supporters in the UK and across the world - Newcastle United requires a clear direction and a path to a bright and successful future.

"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 United and its fans for the club to be put up for sale.

"To give an incoming owner the maximum possible flexibility to make meaningful investment in the club, including in its playing squad, the sale process will give interested parties the opportunity of deferring substantial payments.

"A process will now commence of identifying new ownership for the club that will be capable of delivering the sustained investment in and dedication to the club that is necessary for it to achieve its ambitions."

Additional reporting by the Press Association.