Earlier this week Ashley apologised for mistakes he made during the season which ended in relegation from the Barclays Premier League.

Now he wants to offload the club and recoup some of his massive investment.

He told The Sunday Times: "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 had sought a buyer last year, following supporters' angry criticism after Kevin Keegan's departure from the club.

Keith Harris, chairman of investment bank Seymour Pierce, scoured the world looking for buyers after being asked to do so by Ashley.

Seven different consortia were provided with prospectuses outlining details of the club's financial standing, with groups from Nigeria and South Africa having been linked with buy-out bids.

However none of the interested parties came up with an acceptable deal and Ashley opted to put a hold on his plans to sell.

He now regrets buying his 100% stake in Newcastle in 2007.

"Of course I regret it," he said.

"I never said I was an expert in football clubs. I was just a fan - although a very wealthy fan. But I'm not so wealthy now. I put my money into it and I tried my best. But I accept my best was woefully short. I am genuinely sorry for everybody about what has happened."

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PA Sport understands Ashley could be willing to sell the club for £100million, which would represent a significant loss.

When he originally put the club up for sale in September 2008, Ashley released a 1,600-word statement in which he revealed the price of his investment.

"Newcastle's best asset has been, is and always will be the fans," he said. "But like any business with assets, the club has debts.

"I paid £134million out of my own pocket for the club. I then poured another £110million into the club, not to pay off the debt, but just to reduce it."