Mike Ashley has formally announced his intention to sell Newcastle United.
In a statement released on Monday evening, it was announced that owner Mike Ashley was looking to sell the club by Christmas bring to an end his 10 year reign of the club.
The 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.”
Speculation over potential suitors has seen financier Amanda Staveley linked heavily after been spotted attending a game at St James’ Park last month.
Turkish biscuit tycoon Murat Ulker is also thought to be interested buying the club for a reported £220m.