Owner Ashley puts Newcastle up for sale

(CNN) -- Beleaguered Newcastle owner Mike Ashley announced on Sunday that he was putting the Premier League club up for sale.

Billionaire Ashley has been the subject of a ferocious backlash from Newcastle fans, angered at the resignation of manager Kevin Keegan last week.

Keegan walked out of St James' Park in protest against the club's transfer policy with Ashley and his director of football Dennis Wise the target of protests by the club's fanatical supporters.

Thousands staged demonstrations outside the club's ground before and after Saturday's embarrassing 2-1 Premier League defeat by newly-promoted Hull, demanding that Ashley sell up and that Wise be removed from his post.

They could now get at least one of their wishes after the sportswear magnate revealed that he is ready to listen to offers.

Ashley rarely gives interviews but made a strong defense of his actions in a statement on the club's Web site.

He said: "I am not stupid and have listened to the fans.

"I have really loved taking my kids to the games, being next to them and all the fans.

"But I am now a dad who can't take his kids to a football game on a Saturday because I am advised that we would be assaulted.

"Therefore, I am no longer prepared to subsidize Newcastle United.

"I am putting the club up for sale. I hope that the fans get what they want and that the next owner is someone who can lavish the amount of money on the club that the fans want."

Ashley, who paid over $250 million to secure control of the north-east giants, claimed he has poured another $200million to reduce the club's debts and was withdrawing further funding.

Ashley took control of Newcastle just 16 months ago, installing Sam Allardyce as his first manager.

Quickly losing patience with Allardyce, Ashley turned to former manager Keeegan midway through last season, the Tyneside hero returning to great acclaim and lifting the side to a respectable 12th.

But lack of money to strengthen his squad clearly irritated Keegan, the final straw the sale of James Milner to Aston Villa and his row with Ashley and the club's directors became all too public.

Keegan met with Ashley in London the day before Newcastle's defeat to Hull but no agreement was reached about a possible return.