Newcastle United owner Mike Ashley has apologised to the club's fans following the "catastrophe" of relegation from the Premier League.
Ashley released his public apology following a day of lengthy talks with manager Alan Shearer and managing director Derek Llambias on Tuesday.
In his statement, Ashley conceded that mistakes had been made during his 18-month reign on Tyneside which ended in Sunday's departure from the top-flight.
"Seeing Newcastle United relegated from the Premier League has been a catastrophe for us all," he said.
"I fully accept that mistakes were made during this and previous seasons and I am very sorry for that.
"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."
Meanwhile, Ashley has suggested he will now do everything in his power to ensure that interim manager Shearer stays at the helm of the Magpies.
He added: "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."