Alan Shearer remains in talks with Newcastle about extending his stay as manager.
The 38-year-old, along with assistant Iain Dowie, held lengthy discussions with owner Mike Ashley and managing director Derek Llambias on Wednesday afternoon, although their meeting ended with no conclusion having been reached.
The Newcastle owner said: "Seeing Newcastle United relegated from the Premier League has been a catastrophe for us all. I fully accept that mistakes were made during this and previous seasons, and I am very sorry for that."
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."
Shearer returned to the club he had served with such distinction as a player at the beginning of last month when, in desperation, Ashley asked him to take charge for the final eight games with the sole task of keeping the Magpies in the top flight.
In the event, he managed just one victory, a 3-1 derby win over Middlesbrough, who also went down, and two draws to claim five points from a possible 24, one short of what would have been required to avoid the drop.
However, he managed to unite the fans behind the club again, just as Kevin Keegan did when he made his ill-fated return to Newcastle in January last year, if for only eight months before he walked out in protest at the club's transfer policy.