Newcastle United owner Mike Ashley is looking to sell the club if receives the right offer, according to a report.

Ashley has faced criticism from the club's supporters for appointing Joe Kinnear as the Magpies' new director of football.

A group of Newcastle supporters released a statement, expressing their desire for the owner to leave the club.

The statement said: "This house declares that Mike Ashley is not a fit and proper custodian of a footballing institution that has a proud history and tradition, and enjoys one of the biggest and most fervent followings in European football.

"We call for Mike Ashley to consider his position as owner of Newcastle United and to begin a process of exiting before he does any more damage to either the club or his own reputation."

Ashley is now prepared to listen to offers for the club but only if he can recoup his outlay, believed to be in the region £267m, that he has spent while at the Magpies since his arrival in 2007, reports The Independent.

Ashley reportedly tried to sell in the club in 2009 following their relegation from the Premier League.