Newcastle owner Mike Ashley has apologised for the mistakes which led to the "catastrophe" of relegation from the Barclays Premier League and has reiterated his commitment to convincing Alan Shearer to remain as manager to help push for a return to the top flight.

Ashley, who along with managing director Derek Llambias, held lengthy talks with Shearer at the club's training ground this afternoon, issued a statement in which he acknowledges the errors which had contributed to the club's demise.

He said: "Seeing Newcastle United relegated from the Premier League has been a catastrophe for us all.

"I fully accept that mistakes were made during this and previous seasons, and I am very sorry for that.

"I would like to say sorry to our magnificent supporters who have turned up in their thousands, home and away, up and down the country and who have given the team amazing backing throughout.

"And I would also say sorry to all of the club's hard-working staff, who have gone about their jobs all year long.

"Bringing Alan Shearer back to Newcastle United was the best decision I have made. Alan and his staff did all they could to try and keep us up in the short space of time they had.

"Talks are now ongoing between us about how we can take this club forward again."

Ashley's statement was released as the sportswear magnate, who had arrived on Tyneside by helicopter this afternoon, took to the skies once again with Shearer, assistant Iain Dowie and Llambias still at the club's Darsley Park training headquarters.

The four men embarked upon their discussions with the club facing major decisions after their 16-year stay in the top flight ended on Sunday.

They did so with Llambias having earlier indicated that Shearer, who had been brought back into St James' Park with just eight games of a desperately difficult season remaining, was the man they wanted to spearhead their bid for a swift return.

He said: "We want him to be the manager 110 per cent.

"He's very good at what he does and he's a straight-talking guy - we like that. He would be the perfect appointment."

The fact that today's talks ended without resolution is perhaps not so much an indication that progress has not been made, but that the interested parties are conducting a forensic investigation of what has gone wrong and what needs to be done to put things right.

But the warmth of Ashley's comments about Shearer's role over the last few weeks of the campaign seems significant.

The 38-year-old will have pulled no punches in his assessment of the problems any new manager would face and the remedies he believes are required.

There will be little choice but to overhaul an expensively-assembled squad which managed to win just seven league games, with a wage bill of more than £70million simply not workable in the Coca-Cola Championship.

In any case, there may only be a handful of players Shearer would want to keep in an ideal world, although offloading some of the flops recruited by Dennis Wise might prove as much of a problem as recruiting replacements.

Tyneside will hold its breath in the hope that another round of discussions will see Shearer receive the undertakings he is looking for and Ashley get the answer he wants.