In a statement on the club's official
website, Ashley 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.
"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."
Ashley, who took over in the North East in June 2007, was
chastised by supporters earlier this season following the departure
of Magpies favourite Kevin Keegan.
After heavy pressure, the businessman revealed he planned to
sell the club, however, amid a difficult financial climate, he was
unable to find a suitable buyer.
Ashley turned to Kinnear in September following Keegan's exit
but the former Wimbledon boss was forced to undergo triple heart
bypass surgery and Chris Hughton temporarily took the reins before
Shearer was appointed.
