Newcastle put up for sale by owner Mike Ashley: the statement in full

'Newcastle United requires a clear direction and a path to a bright and successful future'

Newcastle United will now have new owners (Getty)

Newcastle United have officially confirmed that the club has been put up for sale by owner Mike Ashley.

The 53-year-old bought the club in July 2007 after investing around £134m. In doing so, Ashley saved the north-eastern giants from possible financial ruin by paying off substantial debts left by the previous owners.

His time in charge has not been without its troubles though, with the club twice relegated to the Championship in both 2008/09 and 2015/16, and fans have long protested against his ownership due to their unhappiness with a perceived lack of investment from the Londoner and string of hire-and-fire managers.

Newcastle issued a statement on Monday evening confirming that the club was now up for sale.

Read it in full:

"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."