The value of Ashley's investment has plummeted with the club's relegation
Newcastle owner Mike Ashley has apologised to the club's supporters for the mistakes that cost them relegation from the Premier League.
Ashley, who bought Newcastle in 2007, described relegation as a "catastrophe" after a season in which the club went through four different managers.
"Seeing Newcastle relegated 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."
Newcastle's traumatic season began with the departure of popular manager Kevin Keegan in September, amid rumours of disputes over the club's transfer policy.
Keegan's exit prompted mass protests from supporters with fans demanding Ashley - as well as controversial director Dennis Wise - quit St James's Park.
Ashley eventually put the club up for sale and also appointed Joe Kinnear as interim manager, and the former Wimbledon manager's reign began with a foul-mouthed outburst at a news conference in October.
With Ashley struggling to find a buyer for the club he paid £134.4m for in May 2007, he decided to take Newcastle off the market in December.
Newcastle's problems continued with Kinnear standing down from his position because of health problems leading to assistant Chris Hughton and Colin Calderwood taking charge of team.
I would like to say sorry to our magnificent supporters who have turned up in their thousands, home and away
Mike Ashley
As results continued to worsen, leading to the real prospect of relegation, Newcastle turned to Magpies legend Alan Shearer to turn things around.
But Shearer won just one of his eight games in charge and Newcastle were relegated from the Premier League.
"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," added Ashley.
"And I would also say sorry to all of the club's hard-working staff, who have gone about their jobs all year long."
Ashley is in talks to keep Shearer at the club on a long-term basis, with Kinnear's contract expiring at the end of the season.
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