Mike Ashley has confirmed he wants to sell Newcastle just 16 months after his €180million takeover because he can no longer take his kids to the games for fear of them being assaulted. In a statement released today, Ashley said he hopes the fans get the generous owner they crave as he is "no longer prepared to subsidise" the club.

Ashley and his executive director (football) Dennis Wise have borne the brunt of a furious backlash from supporters in the 10 days since manager Kevin Keegan walked out in protest over the club's transfer policy.

Thousands staged demonstrations outside St James' Park before and after yesterday's 2-1 Premier League defeat by Hull demanding that Ashley sell up and that Wise be removed from his post.

"Cockney mafia out" was perhaps the least offensive of the messages carried by a series of banners yesterday, while another suggested the way forward: "Wise up, drink up, sell up".

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

In a lengthy statement, Ashley 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 subsidise 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.

"That is what I am now trying to do, but it won't happen overnight and it may not happen at all if a buyer does not come in."

Indian tycoon Anil Ambani has publicly ended his interest after failing to get a response from the club, although that may not be the end of the story, while Chinese billionaire Xu Rongmao has also been linked with a bid.

"You don't need to demonstrate against me again because I have got the message," Ashley added. "Any further action will only have an adverse effect on the team. As fans of Newcastle United, you need to spend your energy getting behind, not me, but the players who need your support.

"I am determined that Newcastle United is not only here today, but that it is also there tomorrow for your children who stand beside you at St James' Park."

Ashley is adamant that he will not sell to anyone he believes cannot give the fans what they want.

"If I can't sell the club to someone who will give the fans what they want, then I shall continue to ensure that Newcastle is run on a business and football model that is sustainable," he said today. "I care too much about the club merely to abandon it."

Ashley snapped up the Magpies after launching successful bids to buy out first the Hall family's holding in the club and then chairman Freddy Shepherd.

There was delight on Tyneside at the time as the fans settled back and waited for the cash to start flowing from a man with a personal fortune estimated at €2.4billion.

Ashley said: "I knew that the club would cost me money every year after I had bought it. I have backed the club with money.

"You can see that from the fact that Newcastle has the fifth highest wage bill in the Premier League.

"I was always prepared to bank roll Newcastle up to the tune of £20million per year, but no more. That was my bargain.

"I would make the club solvent. I would make it a going concern. I would pour up to £20million a year into the club and not expect anything back.

"It has to be realised that if I put £100million into the club year in year out, then it would not be too long before I was cleaned out and a debt ridden Newcastle United would find itself in the position that faced Leeds United.

"That is the nightmare for every fan. To love a club that over-extends itself, that tries to spend what it can't afford.

"That will never happen to Newcastle when I am in charge. The truth is that Newcastle could not sustain buying the Shevchenkos, Robinhos or the Berbatovs."

"My plan and my strategy for Newcastle is different. It has to be," he continued. "Arsenal is the shining example in England of a sustainable business model. It takes time. It can't be done overnight."

It was to that end that Ashley appointed Wise, vice-president (player recruitment) Tony Jimenez and technical co-ordinator Jeff Vetere to scour the world for young, undiscovered talent.

They identified the likes of summer signings Fabricio Coloccini, Jonas Gutierrez and Xisco, but Keegan's fury at his lack of control over that recruitment mission, and the sale of James Milner and efforts to offload Michael Owen, Joey Barton and Alan Smith, ultimately led to his departure.

However, Ashley insisted he never had a problem with the 57-year-old, with whom he has held talks over a possible return this weekend.