(Reuters) - Newcastle United owner Mike Ashley put the Premier League club up for sale on Monday, signaling an end to his decade-long reign at St James' Park.
"As one of the Premier League's oldest and best supported football clubs - and for the benefit of its many fans and supporters in the UK and across the world - Newcastle United requires a clear direction and a path to a bright and successful future," the club said in a statement.
"To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale."
The club said they were willing to listen to offers that would be capable of "delivering sustained investment" towards achieving their ambitions in the top flight.
Newcastle have been relegated twice since Ashley took charge in 2007. After winning promotion to the Premier League last season, Rafa Benitez's side are ninth in the standings with 11 points from eight games.