Mike Ashley puts Newcastle up for sale

Mike Ashley's reign as owner of Newcastle United could be over by December with confirmation Monday that his company - St. James Holdings Limited - has put the club up for sale.

The announcement comes after rampant speculation over the future of Ashley's involvement following his admission that he doesn't have the financial might to compete with the likes of Manchester City and Manchester United.

A statement on the club's website read:

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.

St. James Holdings Limited lawyer Andrew Henderson said Ashley, who assumed control of Newcastle in 2007, intends to sell the club by Christmas, according to Keith Downie of Sky Sports

"That would allow for a period for serious interested parties to put themselves forward, for a diligence process to carry on, and then hopefully by Christmas for a sale to conclude with the sort of flexibility around terms we have discussed.

"If that weren't possible then there is no desire to sell the club for any price to anyone. There is a lot of responsibility that goes with owning the football club so we would then look at that at the relevant time.

"That's the objective but nobody has a crystal ball so nobody can say for sure what happens and when."

Newcastle has failed to win a significant trophy under Ashley and the 124-year-old club has also been relegated twice during his 10-year spell.