Earlier this week Ashley apologised for mistakes he made during the season which ended in relegation from the Barclays Premier League.
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 had sought a buyer last year, following supporters' angry criticism after Kevin Keegan's departure from the club. He now regrets buying his 100% stake in Newcastle in 2007.
"Of course I regret it," he said.
"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."