Newcastle United owner Mike Ashley has said he had made "terrible decisions" in the running of the club, who were relegated from the Premier League last week, and wants to sell the club as soon as he can.

Earlier this week Ashley apologised for mistakes he made during the season which ended in relegation. Now he wants to offload the club and recoup some of his massive investment.

"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," he told the Sunday Times.

Ashley became a near-billionaire when he floated his sports equipment retail business on the stock market in 2007. He bought Newcastle for €150 million, ploughing in more than another €110 million since then.

He put the club on the market for €450 million last year as supporters demanded his exit following the resignation of popular manager Kevin Keegan but could not find a buyer.

Asked if he regretted buying the club he said: "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."

Newcastle this week announced a series of redundancies at the club as they prepare for life in the Championship but negotiations are continuing over the permanent appointment of Alan Shearer as manager after the club's former striker eight-game caretaker stint failed to keep the club up.