Mike Ashley has decided he wants to sell Newcastle United following their relegation from the Premier League last Sunday.

Ashley has slashed the asking price for the club to £100 million, £34 million less than he originally paid for the club almost two years ago.

Since that time Ashley has presided over a tempestuous two seasons at St James’ Park that has seen five managers, four in the last nine months, come and go at the club.

Ashley tried to sell the club in September when the fans turned against him following the exit of former boss Kevin Keegan.

At that time Ashley wanted £400 million for the Magpies but could not find a buyer before the end of 2008 prompting him to take the club off the market.

It is believed that Ashley has pumped in around £150 million of his own money to fund transfers and wipe out the club’s debt but he is now willing to accept a cut price bid for the club.

Ashley 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.”

Reports claim Ashley, the owner of sports retailer Sports Direct, has lost half of the £1.4 billion fortune he enjoyed in 2007 due to the recession and a string of ill-fated gambles on the stock market.

With Newcastle’s relegation last week Ashley is now prepared to cut his losses with the north east club and allow someone with a better understanding of football takeover.

He added: “Of course I regret it. 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.”

Ashley’s decision to sell the club also puts the future of Alan Shearer in doubt.

He had looked like staying on as manager despite the club’s relegation, but will now wait to see who the next owner becomes before committing himself to the Magpies.