Newcastle United have been put up for sale by its holding company St. James Holdings Limited and owner Mike Ashley.
Much speculation has surrounded the future direction and management of the club in recent weeks, particularly after the visit of Amanda Staveley and PCP Capital Partners to watch the home game with Liverpool on October 1.
Meanwhile other reports have suggested that Ashley, who has been at the head of the club for a decade, wants a quick sale to ensure he avoids having to make more financial commitments in the January transfer window.
The club have now responded to media speculation and posted a statement on their website, which reads: "As one of the Premier League's oldest and best supported football clubs - and for the benefit of its many fans and supporters in the UK and across the world - Newcastle United requires a clear direction and a path to a bright and successful future.
"To give the club the best possible opportunity of securing the positioning and investment necessary to take it to the next level, at what is an important time in its history, its present ownership has determined that it is in the best interests of Newcastle United and its fans for the club to be put up for sale.
BEST DAY OF MY LIFE— Matthew | LISTEN TO PAST LIVES| (@MattyFenwickATC) October 16, 2017
"A process will now commence of identifying new ownership for the club that will be capable of delivering the sustained investment in and dedication to the club that is necessary for it to achieve its ambitions."
Current owner 53-year-old Ashley, who also heads Sports Direct, is one of the least popular owners in the Premier League and has had a fractious relationship with the Newcastle fans during his 10-year reign.
The club has twice been relegated to the Championship under his leadership, and fans have protested against his ownership over a perceived lack of investment, poor managerial appointments and a lack of understanding the club.