Relegated Newcastle put on sale

Bleeding money since taking over Newcastle United, sportswear tycoon Mike Ashley is putting it on sale with a 100 million tag after the club was relegated from the Premier League.

After a number of failed bids, including one involving Anil Ambani, Ashley is keen to get rid of the club at the earliest even if it means incurring a staggering 150 million pound loss.

"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," Ashley told 'The Sunday Times'.

According to the daily, Keith Harris, chairman of Seymour Pierce, or bankers at NM Rothschild would be roped in soon for the job, the report said.

Ashley had paid 134 million pound when he acquired the club two years ago and has reportedly pumped in another 110 million since then.