Sportswear entrepreneur Mike Ashley has admitted that he may be forced to hang on to Newcastle United beyond the end of the season - and may even stay on permanently.

The club's owner said he had been unable to find a buyer for the Toon despite drastically reducing his asking price.

Ashley had been hoping to find a buyer before the end of the year but all expressions of interest have come to nothing.

The founder and owner of Sports Direct paid £134m for the club last year. Since then he has ploughed another £110m into the club to reduce debt.

Yesterday he told the Financial Times that he may keep it.

"You know, even if I have to watch it on Sky Sports at home and send the kids out, have the doors locked and have the telly on full blast I still love it jumping up and down at the telly screaming."

Asked about the sale, he said: "Basically, I'd take £250m."

But he signalled he was in no hurry to leave the club.

"I love Joe Kinnear," he said.