Ashley has been at the helm of Newcastle since 2007, but the English businessman has suggested that he could sell the Magpies.
The 52-year-old Englishman has said that he does not have the ability to write a cheque for £200 million, and that he would step aside if someone else comes in and wants to buy the Premier League club.
“You can say to me I'm wealthy, in theory I'm a billionaire or a multi-billionaire, but in reality my wealth is in Sports Direct shares, which are the same as wallpaper, I don't have that cash in the bank, so I don't have that ability to write a cheque for £200m, I don't have that, it's very simple, it's not there,” Ashley told Sky Sports.
“I would have to sell the Sports Direct shares to fund that. So people outside of football looking in sometimes think that's how much you have in the bank, I must make it crystal clear that I am not wealthy enough in football now to compete with the likes of Man City etcetera, not just Man City.
“It's basically a wealthy individual taking on the equivalent of a country. I cannot, and will not. That's why, if someone would like to come along, take this seat and fund Newcastle with a nought on the end with more wealth than me, I will not stand in Newcastle's way.
“One of the reasons I am doing this interview is because I don't think you'll find many people out there who will actually stand up and do it. So I think myself and the Newcastle fans are going to be together for a good while longer!”
Newcastle fans have taken to Twitter to give their reaction to the aforementioned comments from Ashley.
So Mike Ashley basically saying no more cash from me.... please someone find £250m to but this club #nufc— Stephen #nufc (@vectraboy1980) August 13, 2017
It's a big PR stunt to sell the club this by Ashley #nufc— Jonny Lowrey (@jonnylowrey) August 13, 2017
So, Ashley says nobody willing to buy the club and he'll be around a while longer (in a nutshell). Great!— NUFC 360 (@NUFC360) August 13, 2017
Ashley bought nufc on a whim basically— Stephen #nufc (@vectraboy1980) August 13, 2017
Them not us, newcastle united not we, mike Ashley we are a club and fans who deserve an owner with passion not a business man #nufc— Gary Ross (@rossalhoff) August 13, 2017
Newcastle are playing in the Premier League this season after winning automatic promotion from the Championship at the end of the 2016-17 campaign.
The Magpies, though, have made a disappointing start to the new season. Rafael Benitez’s side went down 2-0 to Tottenham Hotspur at St. James’ Park in the Premier League on Sunday afternoon.
Newcastle will return to action next weekend when they take on Huddersfield Town away from home in the Premier League.