The Magpies owner apologised this week for the mistakes he had made during both the 2008/9 campaign and previous seasons.
He is now keen to offload the club and recoup some of his massive investment, although he accepts he is facing a significant loss.
"It has been catastrophic for everybody," Ashley told the Sunday Times.
"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."
Ashley admits he was wrong to buy a 100 per cent stake in Newcastle in 2007, saying: "Of course I regret it. 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.
Woefully short"But I accept my best was woefully short. I am genuinely sorry for everybody about what has happened."
Ashley had sought a buyer last year when he was criticised by supporters in the wake of Kevin Keegan's departure from St James' Park.
Keith Harris, chairman of investment bank Seymour Pierce, scoured the world looking for buyers after being asked to do so by Ashley.
None of the interested parties came up with an acceptable deal and Ashley opted to put a hold on his plans to sell.
However, it is understood that Harris could now be in talks with a new group after travelling to the North East earlier this week.