Newcastle United have confirmed that Mike Ashley has put the club up for sale for £100million.

Reports last week suggested Ashley, the Newcastle owner, has begun the search for a buyer after the club's relegation from the Premier League. The board have now confirmed that Ashley wants to sell the club and have issued an official statement confirming the asking price.

"The board of Newcastle United can today confirm that the club is for sale at the price of £100million," a club statement read. "Interested parties should contact Newcastle United at admin@nufc.co.uk (or Keith Harris at Seymour Pierce) for further details. The club will not be making any further comment at the present time."

There is said to be “real and decent interest” as Ashley attempts to call time on his brief and hugely expensive association with the club, but it will be at least two weeks before any decision will be made.

It means a continued drain on Ashley’s resources. Season-ticket sales have dried up as the supporters wait to find out who will own and manage the club next season in the Coca-Cola Championship, while Ashley is still paying out £200,000 every day in salaries for the players.

Freddy Shepherd, Newcastle’s former chairman, is involved in one consortium that plans to meet Ashley’s advisers this week. Shepherd faces competition, however, from a group of Middle East investors, whose lawyers and accountants flew into Newcastle from Dubai on Friday to assess the club’s finances.

Alan Shearer’s future remains uncertain, although Shepherd definitely wants to make him the new manager if he wins control at St James’ Park. Keith Harris, the banker charged with finding a new owner, said yesterday: “Shearer is obviously a very charismatic figure in the area and Newcastle need some local interest.”

Shearer, who returns to Tyneside today after a brief stay at his villa in Portugal, is frustrated at the delay and will seek a meeting with Derek Llambias, the Newcastle managing director, tomorrow. He will be told that no decision can be made over his appointment until any takeover is completed.

Harris, the chairman of Seymour Pierce, the investment bank, has indicated that he is involved in talks with “two or three” interested parties as he searches for buyers.

“There is real and decent interest, and this is not necessarily from far-flung parts of the globe,” Harris said. “I’m confident there will be offers for Mike to consider in quite short order.

“It is a huge club. For somebody willing to take a view over two or three years, this is a club that belongs in the top seven of the Premier League. It’s very attractive.”