Newcastle Utd owner Mike Ashley
Mike Ashley was reportedly looking for a buyer for the Newcastle UnitedGetty

Newcastle United has confirmed that owner Mike Ashley is not interested in selling the Premier League outfit.

The club released a statement denying that Ashley wanted out after rumours began to circulate that the Sports Direct founder was looking to pack up his business in Tyneside and take his money north of the border to former SPL giants Rangers.

However, Ashley, 50, missed the deadline to take advantage of the open offer rights issue from Rangers which closed at 11am on Friday 12 September, despite previously attaining a 9% stake in the club in exchange for naming rights of Rangers' Ibrox Stadium.

Now the Magpies have confirmed his commitment to the Newcastle for the next two years after releasing a brief statement.

"The truth is Mike Ashley remains committed to Newcastle United," it read.

"This means that for the remainder of this season and AT LEAST until the end of next season, Mike Ashley will not sell Newcastle United at any price."

Ashley had been prevented by Uefa from upping his stake in Rangers to more than 10% as the European footballing body's rules stipulate that one person cannot own two clubs that may meet each other in European competitions.