The move comes after fans called for him to quit the club following the resignation of popular manager Kevin Keegan.

Media-shy Ashley, who has a home in Northchurch, near Berkhamsted, said he is no longer able to take his children to team matches because of the crowd abuse.

In a statement released by the club, he said: "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.

He added: "My kids and I have loved standing on the terraces with the fans, we have loved travelling with the away fans.
"We have absolutely loved it but it is not safe anymore for us as a family."

Ashley did not attend the match against Hull at the weekend where Newcastle lost 2-1.

The founder of sporting-goods retailer Sports Direct paid £134million pounds for the club in May last year and has 'poured' another £110million in to reduce its debt. However, he said the club still owes millions in transfer fees.

In the club statement the sportswear tycoon describes himself as someone who loves football. "I know what it means to love football and to love a club. I know how important it is to other people because football is so important to me," he said.

He says he has listened to fans who want him out but said the sale 'won't happen overnight' and maybe 'not at all' if a buyer does not come in.

"I care too much about the club to merely abandon it," he said.

To see the full statement click HERE and go to the news section.