Newcastle owner Mike Ashley has apologised for the mistakes which led to the "catastrophe" of relegation from the Barclays Premier League.
Ashley, who along with managing director Derek Llambias, held lengthy talks with Alan Shearer at the club's training ground this afternoon, issued a statement on Tuesday night in which he acknowledges the errors which had contributed to the club's demise.
"I fully accept that mistakes were made during this and previous seasons, and I am very sorry for that," he said.
"Seeing Newcastle United relegated from the Premier League has been a catastrophe for us all," he added.
"I would like to say sorry to our magnificent supporters who have turned up in their thousands, home and away, up and down the country and who have given the team amazing backing throughout.
"And I would also say sorry to all of the club's hard-working staff, who have gone about their jobs all year long.
"Bringing Alan Shearer back to Newcastle United was the best decision I have made. Alan and his staff did all they could to try and keep us up in the short space of time they had.
"Talks are now ongoing between us about how we can take this club forward again."