The bombshell comes just three days before Kevin Keegan's players are due back for pre-season training, and only a year after the billionaire took over the reins.

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United declined to comment on speculation that Ashley told New York-based private equity investors Inter-Media Partners, through a third party, that he wanted to more than double his investment, having paid more than £130m for the club and spent a further £80m wiping out debts.

The firm are said to have baulked at the price.

Speculation that Ashley was willing to sell has never been far away since he took over, and the word in the City in recent months has been that he would part with Newcastle – for the right price.

But Chris Mort – chairman until last month – always insisted Ashley saw the club as a long-term investment, and his regular appearances on the terraces in a black and white shirt suggested he had quickly developed an affinity with United and its fans.

However, the latest revelations appear to have some substance.

Keegan will not be among the Premier League's big spenders this summer, and supporters will ask whether the belt-tightening that has been carried out at St James's Park is aimed at making the club a more attractive proposition for potential buyers.

* Newcastle United's reserve friendly away to Bishop Auckland on July 11 has been cancelled, and the fixture away to Newcastle Benfield has been put back 24 hours to July 15.